Facebook shares gain the most in three weeks on Tuesday, company representatives to meet regulators in Russia over compliance

November 22, 2017 11:42 am

According to TASS news agency, citing the head of Russia’s communications regulator Roskomnadzor, Facebook Inc (FB) intends to meet the state’s regulatory authority in December or in early January in relation with compliance matters.

Facebook shares closed higher for the third time in the past ten trading sessions on Tuesday. It has also been the sharpest daily surge since October 27th. The stock went up 1.75% ($3.12) to $181.86, which has also been an intraday high and a price level not seen since November 2nd ($181.94).

In the week ended on November 19th the shares of the social media company added 0.30% to their market value compared to a week ago, which marked the seventh gain out of eight weeks.

The stock has neutralized earlier losses and is now up 1.00% so far during the current month, following a 5.38% surge in October. The latter has been the best monthly performance since July.

For the entire past year, the shares of the NASDAQ-listed company rose 9.93%. The stock has gained another 58.07% so far in 2017.

“We will discuss with them all the issues, including localization of databases and prompt removal of prohibited content”, Roskomnadzor’s Alexander Zharov was quoted as saying by TASS.

In September, he warned that user access to Facebook would be blocked next year by the Russian regulator, unless the social media company complies with domestic law.

Under current regulations, all websites storing personal details of Russia-based users are required to use Russian servers for such purposes.

According to CNN Money, the 43 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $210.00, with a high estimate of $230.00 and a low estimate of $131.00. The median estimate is a 15.47% surge compared to the closing price of $181.86 on November 21st.

The same media also reported that 39 out of 46 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 2 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Facebook stock are presented as follows:

R1 – $182.12
R2 – $182.38
R3 (Range Resistance – Sell) – $182.64
R4 (Long Breakout) – $183.42
R5 (Breakout Target 1) – $184.33
R6 (Breakout Target 2) – $184.75

S1 – $181.60
S2 – $181.34
S3 (Range Support – Buy) – $181.08
S4 (Short Breakout) – $180.30
S5 (Breakout Target 1) – $179.39
S6 (Breakout Target 2) – $178.97

By using the traditional method of calculation, the weekly levels of importance for Facebook Inc (FB) are presented as follows:

Central Pivot Point – $178.46
R1 – $180.52
R2 – $182.04
R3 – $184.10
R4 – $186.16

S1 – $176.94
S2 – $174.88
S3 – $173.36
S4 – $171.84

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