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FB) is getting bigger-than-normal attention from Wall Street in today's session after news that the social networking firm was going to introduce its own payments network, a direct competitor to
EBAY) popular PayPal platform and similar offerings from
Despite the hike in volume, the news isn't spurring very directional trading in FB today. Shares are more or less keeping pace with the broad market's decline today.
But technically, FB looks "toppy" right now. Shares of the social networking giant are forming a rounding top pattern, which bumped its head on $39 resistance after its high profile move above its $38 IPO price. There were plenty of FB sellers who took gains when the stock retook $38 -- and that's likely to stay the case. If you're looking for an opportunity to buy Facebook now, wait for this stock to establish support first. There's too much downside risk from here.
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