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Facebook(FB - Get Report) is engaged in building products to create utility for users, developers, and advertisers. This stock is trading up 6.4% at $21.62 in recent trading.
Today's Volume: 44.5 million
Average Volume: 42.2 million
Volume % Change: 50%
Shares of FB are ripping higher today after Topeka Capital reiterated its buy rating and $36 price target on the stock.
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From a technical perspective, FB is bouncing sharply higher here right around some near-term support at $19.80 with above-average volume. This move is also pushing FB back above its 50-day moving average of $21.30. Traders should now look for long-biased trades in FB once it manages to trigger its next major breakout trade. That trade will hit once FB takes out some near-term overhead resistance at $23.37 to around $25 with high volume.
Traders should now look for long-biased trades in FB as long as its trending above its 50-day, and then once it sustains a move or close above those breakout levels with volume that's near or above 42.2 million shares. If that breakout triggers soon, then FB will have an excellent chance to re-fill its previous gap and trade up towards $27.50 to $30.
Facebook was also featured this week in "
5 Big Stock Charts You've Got to Se to Believe."