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Elon Musk isn’t a fan of Facebook  (FB) - Get Free Report.

“#DeleteFacebook It’s lame,” Musk said in a tweet yesterday.

He’s not the only one. Pivotal Research downgraded Facebook to a sell rating early Tuesday, putting a $180 price target on the social network's shares and helping send the stock more than 2% lower.

With few exceptions, the news surrounding Facebook these days seems bad: From a $9 billion tax lawsuit with the Internal Revenue Service to scrutiny of the firm’s role in the election cycle, negativity is driving the news cycle.

But that negativity could provide a buying opportunity for investors as Facebook nears a key technical level.

To figure out how to trade it here, we’re turning to the charts.

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It may come as a surprise to some market watchers, but despite the barrage of concerns about Facebook, this big tech name continues to outperform the rest of the market as we head deeper into 2020.

The Menlo Park, Calif., company has been holding onto a shallow uptrend in its relative strength line, a key indicator of this stock’s ability to perform relative to the S&P 500. Over the past 11 months, Facebook has handed investors a more than 25% total return, versus 21% in the S&P 500.

More important, Facebook’s price action has become incredibly well-defined since October, when shares entered an uptrending channel.

The pattern in Facebook is about as simple as this gets. The shares since then have caught a bid on every test of trendline support, with the latest bounce higher at the start of February. 

That’s a good indication that buying pressure still stands ready to come in at the bottom of that price channel.

Now, with Facebook sitting at the lower end of its trading range, thanks in part to the recent negativity surrounding the shares, now is as good a time as any to be a buyer.

Just as important as Facebook’s current technical trajectory is the question of what happens if it changes. After all, all trends do eventually end. 

One of the biggest advantages of trading the well-defined uptrend in Facebook is that it provides a clear signal when the rally is no longer viable.

That occurs if Facebook violates its trendline support level, currently at $205. 

Put simply, if the shares fall materially below $205, then more downside risk is likely and you don’t want to own it anymore.

In the meantime, Facebook looks positioned for near-term upside as the shares make their way back up toward the top of their trading range. 

While the news cycle remains negative, Facebook’s still a buy-the-dips stock.