Facebook shares close lower on Tuesday, company said to be planning an entrance in the smart speaker market

According to Digitimes supply chain sources, Facebook Inc (FB) intends to join the smart speaker market with a product aimed to compete with Amazon’s Echo Show.

Facebook shares closed lower for the third time in the past thirteen trading sessions on Tuesday. The stock went down 0.43% ($0.72) to $165.28, after touching an intraday low at $163.86, or a price level not seen since July 21st ($163.75). In the week ended on July 23rd the shares of the social media company added 2.79% to their market value compared to a week ago, which marked a third consecutive period of gains. The stock has pared its advance to 9.47% so far during the current month, following a 0.32% dip in June. The latter has been the first retreat out of six months. For the entire past year, the shares of the NASDAQ-listed company gained 9.93%.

One advantage of Facebooks model is expected to be the 15-inch touch panel supplied by LG Display, rather than a proprietary voice assistant, as is the case with a number of smart speaker products.

In comparison, the latest Echo Show by Amazon features a 7-inch display and the Alexa voice assistant.

According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $171.00, with a high estimate of $192.00 and a low estimate of $98.00. The median estimate is a 3.46% surge compared to the closing price of $165.28 on July 25th.

The same media also reported that 36 out of 44 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 4 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

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

R1 – $165.43
R2 – $165.59
R3 (Range Resistance – Sell) – $165.74
R4 (Long Breakout) – $166.20
R5 (Breakout Target 1) – $166.74
R6 (Breakout Target 2) – $166.97

S1 – $165.13
S2 – $164.97
S3 (Range Support – Buy) – $164.82
S4 (Short Breakout) – $164.36
S5 (Breakout Target 1) – $163.82
S6 (Breakout Target 2) – $163.59

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

Central Pivot Point – $162.98
R1 – $167.15
R2 – $169.87
R3 – $174.04
R4 – $178.21

S1 – $160.26
S2 – $156.09
S3 – $153.37
S4 – $150.65