“SOCL recently had its 20D-SMA cross below its 50D-SMA, and it dropped below its 200D-SMA in yesterday’s session.   It is approaching fairly good support areas just below the 200D.  We see support between 18.00 and 18.50, and also in a congestion area between 17.25 and 18.00.  For those bullish on this sector, this area may provide a good entry opportunity,” said Chojnacki.

Global X Social Media Index ETF

Chart Courtesy: Street One Financial

Tom Lydon’s client own shares of Facebook.