Nearest Resistance: $20
Nearest Support: $19Catalyst: New Lows Facebook (FB - Get Report) has been the poster child for post-IPO meltdowns, losing more than half of its value since its first print on the Nasdaq. This stock has been continually among the most actively trading issues for the past few weeks, and with shares sitting just above a 52-week low of $18.75, it's no huge surprise why. >>2 Oversold Stocks to Avoid I've been no fan of Facebook's stock. In fact, I've argued against buying shares since the IPO brouhaha started. But now, things are at least looking less bad for FB shareholders. The stock has been consolidating under $20 resistance for the last week or two, positioning that at least means that the selling could be abating. If you're desperate to buy Facebook, wait for shares to crack $20. That said, I wouldn't touch this name with a 10-foot pole.
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