Facebook picks up from low
Tech stocks are under pressure, the Nasdaq trades around -0.8% lower amid rising concerns over inflation.
The FAANGS sold off, however the likes of Facebook have now picked up off their lows and are heading higher.
Inflation concerns have stalked the markets with investors fearing that the Fed could be forced to rein in support sooner.
Tech stocks are particularly sensitive to inflation and interest rate expectations.
These concerns come against a strong fundamental backdrop for Facebook after it reported solid Q1 earnings.
Even so the share price sold off some 10% since reporting as investors booked profits and rotated into other areas of the markets which under performed across the pandemic.
Where next for Facebook share price?
Facebook share price has rebounded off its 50 sma on the daily chart. Whilst it trades above this level at 300 the buyers could remain optimistic of further gains. A break above resistance at 315 could see the all time high re-tested.
A fall below the 50 sma could prompt a deeper selloff towards 275 the ascending trend line support dating back to the mid March 2020 low.
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