The Wall Street Journal is reporting that Google and Facebook agreed to work together if the US government launched an investigation into their online ad sharing pact. The WSJ referenced its claims from the text of the lawsuit that was filed against Google last week by 10 US states.
Facebook’s share price is now facing renewed selling pressure as markets react to the latest report. The big tech companies are facing heavy scrutiny from governments across the world over what are termed unfair competition practices. The latest WSJ report adds a new twist to the saga, as alleged collusion between two tech companies to broaden their market dominance could be a first. FB is down sharply, trading 2.39% lower at the time of writing.
Technical Outlook for Facebook Share Price
Facebook share price is currently testing support at 267.42. A breakdown of this price area brings 258.91 into focus, with 246.49 serving as the next important support level.
On the flip side, a bounce on the present support allows Facebook share price to recover the losses of the past two trading sessions, if it targets the 277.53 resistance level. Facebook shares needs significant buying support to overcome a combination of the channel’s lower border and the 277.53 resistance, if it is to attain the 25 August and 23 October highs at 284.77. 291.89 lies ahead at the channel’s upper border.
Facebook Shares; Daily Chart