This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Nearest Resistance: $30
Nearest Support: $23
Catalyst: Post Earnings Settling, Technical Setup
>>5 Stocks With Big Insider Buying
Typically, Zynga and
Facebook(FB - Get Report) go hand in hand. And lately, that's meant that they've both been in supremely active stocks in freefall. But Facebook could be looking up thanks to a big technical setup in shares right now. Yesterday, FB rallied hard after announcing third-quarter earnings that bested analysts' expectations. While I don't think that this stock has turned the corner fundamentally, it may have technically.
Right now, Facebook looks like it's making a double bottom pattern in shares. Yesterday's price action broke FB above the $23 resistance level, sending a buy signal if shares can close above that price today. As I write, FB's stock price sitting within a few points of that level.
Traders looking for a buying opportunity would be well advised to keep a tight stop in the Facebook trade. Even if shares are reversing in the short-term, the primary trend is still down. You can check out the chart in today's "
5 Big Stocks to Trade for Gains."