Facebook Inc’s shares rose slightly on Wednesday after the company’s advisory board upheld the suspension of the account of former U.S. President Donald Trump.
However, the board determined that the indefinite suspension meted out to the former president was inappropriately imposed, as it lacked clear standards. This policy, the board said, would require a company review to determine a consistent response applicable to other users of the platform.
Facebook’s shares were only marginally higher on the day, as it struggles to recover from Tuesday’s big selloff.
Technical Levels to Watch
Facebook’s daily range is located between the 320.74 resistance and the 316.07 support level, representing the price levels found at the 50% and 61.8% Fibonacci extension levels from the swing low of 25 March to the swing high of 8 April.
A break above the 320.74 resistance allows the bulls to target the 327.40 price mark (78.6% Fibonacci extension), with 331.36 serving as the additional barrier to beat for bulls.
On the other hand, a breakdown of the 316.07 support brings 311.39 (28 April high) into the picture, with 304.69 serving as an additional downside target.