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In the Premarket trading session on Thursday, Facebook’s stock was trading at 217.25-higher by 0.94% as compared to its previous close.
Facebook, the social media giant, announced some new updates on Thursday aimed to boost transparency around political ads. It will let users see limited political ads.
The decision was taken after it faced intense political scrutiny following Twitter and Google. Twitter has already banned political advertising, while Google has limited the amount of interference by various political groups.
The CEO of Facebook has defended the company’s policy on political ads, while the politicians and activists have criticized Facebook for allowing disinformation.
Online ads are not the only problem for Facebook, more severe problem is deepfakes, which uses artificial intelligence to manipulate the audio and video, creating a false image of the subject.
Facebook announced that it would bring new transparency control, which includes the ability to see the number of Facebook users targeted by election ads.
On the technical front, Facebook’s stock is trading above 5, 20, and 50-days moving averages. The market is trading above the middle and lower band, which indicates that the market can move in the upward direction. The RSI and stochastic indicates that the market can move in the positive direction.
Overall, Bias is Positive, and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 217.12 TAKE PROFIT AT 219.12 STOP LOSS AT 215.12