Facebook Inc (FB) Stock Breaks Below Key Support Level

Facebook Inc (FB) Stock Breaks Below Key Support Level
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Facebook Inc (NASDAQ:FB) stock slid on Wednesday, the last trading day in the month, as tech stocks looked to be the only S&P 500 sector to end the month in the green. Even that gain was at risk by late afternoon, however, and a glance at the major stock indices revealed a sea of red as the S&P 500, tech-heavy Nasdaq Composite, and Dow Jones Industrial Average all shifted lower.

It looks like Facebook stock is going to end the month in the red around $180 or slightly below after starting February off above $190 per share. Earlier in the day on Wednesday, it appeared that a key support level for the shares would hold, but by late afternoon, FB had broken below it.

InvestorPlace contributor Joseph Hargett pegged key support for Facebook stock at $181 to $182, noting that $181.25 marked a 50% retracement from this month’s low and last month’s high. He also pointed out that the 50-day moving average for FB is right in this same range, adding that it should provide solid support for the stock, “barring another blip in the market.” As the day wore on, however, that blip seemed to develop as Facebook stock plunged down into the $179s, which could leave some questioning where the next support level will be.

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