Source: PaxForex Premium Analytics Portal, Technical Insight

On Wednesday, July 29, a meeting of the Legal Subcommittee on Antimonopoly Policy of the US Congress was held in Washington. For more than a year now, Congress has been investigating major technology giants such as Facebook, Google, Amazon, and Apple as to whether they abused their dominant position in the market. "Any move by one of these companies can have a profound and lasting impact on hundreds of millions of people," said subcommittee chairman David Sisilin (Democratic Party) opening the meeting, which lasted about six hours.

Facebook, H4

Pivot: 233.02

Analysis:

Provided that the asset is traded above 229.60, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 233.02
• Take Profit 1:  236.20
• Take Profit 2: 237.60

Alternative scenario: 

In case of breakdown of the level 229.60, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 229.60
• Take Profit 1: 227.20
• Take Profit 2: 225.80

Comment:

RSI is 50 above the neutral area. The MACD is above the signal line and negative. The MACD must break above its zero level to cause further growth. Facebook trades above the 20 and 50 moving average periods (232.3 and 232.43 respectively).

Key levels:

Facebook, D1

Pivot: 231.24

Analysis:

While the asset is traded below 244.90, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 231.24
• Take Profit 1: 210.10
• Take Profit 2: 201.50

Alternative scenario:

If level 244.90 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 244.90
• Take Profit 1: 259.60
• Take Profit 2: 268.30

Comment:

RSI is 50 below its neutral area. The MACD is below its signal line and is positive. The MACD must break through the zero line to expect further declines. In addition, the stock is traded under the 20-day and 50-day moving average (by 237.1 and 232.78 respectively).

Key levels:

We also advise you to pay attention to Cisco for intraday trading:

Pivot: 46.75

Analysis:

While the asset is traded above 45.00 follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 46.75
• Take Profit 1: 48.70
• Take Profit 2: 49.70

Alternative scenario:

If the level 45.00 is broken-down, follow the recommendations below.

• Time frame: H4
• Recommendation: short position
• Entry point: 45.00
• Take Profit 1: 43.40
• Take Profit 2: 42.50