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Shares of Facebook (FB) are mixed after reporting better-than-expected earnings results on Wednesday after the close. In midday trading Thursday, the stock is currently down 2.5% to $199.50.

However, that's not stopping the bulls from being hopeful. Analysts at RBC Capital reiterated their outperform rating and bumped up their price target $10 to $260 per share. To get there, Facebook stock will need to rally 30%.

While the DoJ is opening an antitrust probe into some of the country's largest businesses in search, social media and online retail -- also known as Alphabet (GOOG) (GOOGL) , Facebook, Amazon (AMZN) and possibly Apple (AAPL) -- Facebook's results add clarity to its situation.

It resolved its privacy issue with the FTC, settling for a $5 billion fine and some oversight regulation. Further, the company's second-quarter earnings of $1.99 per share came in 12 cents ahead of expectations. Revenue of $16.89 billion grew 27.7% year-over-year and topped consensus estimates by $400 million.

Daily active users also grew 8% year over year to 1.59 billion, while monthly active users also rose 8%, to 2.41 billion.

The situation isn't perfect with Facebook, but investors now have a more clear understanding. The company has one settlement out of the way, with two antitrust probes pending (one by the FTC and another by the DoJ). That said, it's clear the business continues to hum along just fine.

That brings up the question of, can Facebook stock rip through its prior highs and race even higher from here?

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Trading Facebook Stock

Daily chart of Facebook stock.

As you can see on the daily chart above, Facebook stock has been unable to maintain above the $205 mark. That's now the "gateway price" to higher levels. On the downside, the 20-day moving average continues to buoy FB stock, while $195 should also provide support should the stock continue its decline.

If neither level holds as support, a test of the 50-day may be in order. Short of the stock's breakdown in May -- along with the rest of the market -- the 50-day has been a decent buying opportunity so far in 2019. 

Facebook Beats Estimates and Guides Cautiously: 6 Key Takeaways

Weekly chart of FB stock.

On the weekly chart above, the significance of both the $205 and $195 levels are quite evident.

If Facebook stock can push through the $205 level and take out this week's high, it opens the door to a test of its 52-week high $218.62. Over that mark puts new highs on the table.

If $195 gives way as support, let's see if the 10-week moving average can buoy FB stock. That will come into play near $192.50, ahead of the 50-day moving average currently near $188.50.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.