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Facebook(FB - Get Report) operates a social networking Web site. This stock is trading up 20% at $23.46 in recent trading.
Today's Volume: 151 million
Average Volume: 48.2 million
Volume % Change: 531%
Shares of FB are exploding to the upside today after the company reported better-than-expected third quarter results and improved mobile ad sales.
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From a technical perspective, FB is gapping sharply higher here back above its 50-day at $20.24, and into breakout territory above some near-term overhead resistance levels at $22.59 to $23.37 with monster upside volume. This move is quickly pushing FB within range of filling a previous gap zone from back in late July.
Traders should now look for long-biased trades in FB once it manages to take out its gap down day high at around $25 with high volume. Look for a sustained move or close above $25 with volume that hits near or above 48.2 million shares. If FB triggers that breakout soon, then look for this stock to fill that gap and potentially trade back towards $27.50 to $29.50 in the near future. Any high-volume move above $29.50 will put $32.50 to $33.45 into focus for FB.