Fortunately, hours after the social networking site went dark, everything is returning to normal.
Santosh Janardhan, VP of infrastructure, as quoted by CNN noted, “Our engineering teams have learned that configuration changes on the backbone routers that coordinate network traffic between our data centers caused issues that interrupted this communication. This disruption to network traffic had a cascading effect on the way our data centers communicate, bringing our services to a halt.”
With a bit of normalcy returning to Facebook, the oversold stock is beginning to bounce back. Sitting at double bottom support dating back to June 2021, RSI, MACD, and Williams’ %R are all deep in oversold territory.
With patience, we’d like to see a bearish gap refill around $340 from a current price of $326.