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Nearest Resistance: $23
Nearest Support: $18
Catalyst: IPO Lawsuits, VP Departure
With Zynga topping off our list of most active stocks today,
Facebook(FB - Get Report) couldn't be far behind. But Facebook's not purely a sympathy mover for Zynga today -- it's got news of its own today.
>>5 Big Stock Charts You've Got to See to Believe
The announcement that investor lawsuits over Facebook's IPO will move forward hit at the same time that the firm announced the departure of its global communications chief, the latest in a series of exec-level exits for the firm. While neither of those news items is truly that material for FB, it's enough to move shares lower given the downtrend they've been stuck in all year.
Facebook has been locked in a downtrending channel for quite some time. That makes more downside the most likely outcome for shares. While the technical situation isn't quite as bleak in the one in Zynga, I'd recommend selling the tops, not buying the dips.