#Facebook claims that, given that its main centre of operations in Europe is in Dublin, only the Irish Data Protection Commissioner (DPC) had the right to bring proceedings against Facebook over its cross-border data processing.
The Belgian regulator sought an order to prevent Facebook using cookies, plug-ins and pixels to track Belgian citizens across the internet and to restrict the “excessive” collection of their personal data.
Data protection regulators in any European country can bring privacy complaints against Facebook, even though it is regulated in Ireland, according to an opinion by the European Court of Justice.
The court said in a statement that, “the data protection authority in the state where a data controller or processor has its main EU establishment has a general competence to start court proceedings for GDPR infringements in relation to cross-border data processing”.
“The other national data protection authorities concerned are nevertheless entitled to commence such proceedings in their respective member state in situations where the GDPR specifically allows them to do so,” the court said.
Facebook closed down -6.000 at 245.640. Volume was 52% above average (neutral) and Bollinger Bands were 3% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.
Summary
Facebook is currently 0.8% below its 200-period moving average and is in a downward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect moderate flows of volume out of Facebook (mildly bearish).
Our trend forecasting oscillators are currently bearish on Facebook and have had this outlook for the last 22 periods.
Our momentum oscillator is currently indicating that Facebook is currently in an oversold condition.
Overall, the bias in prices is: Downwards.
A big black candle occurred.
This is bearish, as prices closed significantly lower than they opened.
If the candle appears when prices are “high,” it may be the first sign of a top.
If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance.
Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body).
The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with Facebook), it may be a last engulfing bottom which indicates a bullish reversal.
The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
