Facebook Inc (NASDAQ:FB) has been one of the outperforming social media stocks this year. The company has been seen as transformational and even though the company provided for a bleak forward outlook, analysts on the street believe that the social media giant is well positioned to take advantage of the opportunities available. In some news about the company, a couple of tech enthusiasts believe that to read the source code for the social media site of Facebook is surprisingly easier than thought.
This could prove to be a security risk for the social media giant. In view of the recent security breaches at notable companies, security experts believe that the company needs to strengthen its security parameters if it were to protect users of the social media sites from hacker activities. Analysts at JP Morgan Chase, reiterated their bullish bias on the stock which is being seen as a huge positive by the trader and investor community in the street.
When looking at the daily chart for Facebook Inc (NASDAQ:FB), the stock has been in a strong downtrend and currently takes support at its 50 day moving average at $75.77. The resistance for the stock continues to remain near the $79 level on the upside. The momentum indicators for the stock have given a fresh sell signal which is indicative of the shift of momentum towards the sell side. The relative strength index has also given a sell signal which is a cause for concern for traders going forward. The support level for the stock comes near the upward trend-line support near the $74 level. Analysts on the street have a consensus buy recommendation on the stock which is a huge positive. The stock was higher by close to 3% in intra day trade today.