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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

4 Tech Stocks to Trade (or Not)

Facebook

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Nearest Resistance: $30

Nearest Support: $23

Catalyst: Post Earnings Settling, Technical Setup

>>5 Stocks With Big Insider Buying

Typically, Zynga and Facebook (FB) 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."

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