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Facebook hit fresh record highs yesterday while today managed to reverse early losses despite the critics by civil rights experts that the company made some decisions that were significant setbacks for the civil rights. The timing is critical as big advertisers account boycotting Facebook over failure to stop the spread of hate speech and misinformation. In recent weeks, the ad boycott has gained significant momentum with big brands from Starbucks, Coca-Cola, Ford and Unilever pulling ads from Facebook. In another blow for FB, the planned independent Oversight Board tweets that it won't be fully operational until late fall. Facebook first outlined the board's creation in January 2019. Facebook Second Quarter Earnings Preview Facebook will report the second-quarter earnings on July 24. The market expects 1.36 earnings per share with the high estimate reaching up to 1.62, while the low estimates stand at 0.97. The previous year the EPS was at 0.91. Analysts expect revenue of 17.2 billion with the high estimates at 19.02 billion while the lo estimates stand at 16.16 billion. The previous year sales were at 16.89 billion. FB is a pure advertising company and needs to diversify its revenues. The company should move away from a slowing social media advertising market to more profitable businesses like eCommerce, cryptocurrency, and online payments. Facebook Daily Technical Analysis Facebook is 0.24% lower at 240.38 after yesterday facebook share hit fresh all-time highs at 247.65. FB during the coronavirus outbreak sell-off lost over 37% down to 137.62 but managed to recover all of the losses as the bulls are driving the stock to new highs. On the downside, first support for FB will be met at 238.00 the daily low. Next support zone stands at 232.38 the low from July 2. If the Facebook stock price breach that level, then the next target would be at 224.22 the 50-day moving average. On the contrary, the immediate hurdle for the Facebook stock stands at 242.91, the daily top. If the price breaks above, then it might challenge the all-time highs at 247.65. Next supply zone stands at 255 round figure. Facebook Daily Chart

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