We’ll see how Congress grapples with those issues, and others, when they grill Facebook CEO Mark Zuckerberg when he testifies before them this Tuesday and Wednesday.
Facebook faces similar scrutiny by other countries over the coming weeks, so their issues are global and not likely to be resolved overnight.
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Source: Investing.com |
Meanwhile, FB is hovering above its very long-term 23.6% Fibonacci retracement level of 153.37, after being broken twice during the past two weeks, as shown on the following weekly chart. A break and hold below that level could send it down to its next major Fib support level at 127.41, or lower.
You’ll note that the momentum indicator plunged to and closed at a new all-time low last week. It’s trading well below the zero level, so that, combined with uncertainty tied to global investigations into its business practices (as well as users pondering whether to delete their accounts and advertizers rethinking their strategies), tells me to expect continued volatility and wild price swings for some time to come.
