As a new week begins, shares of Facebook (FB) - Get Report are extending Friday's breakout into new all time high territory. The stock, a holding in the Action Alerts PLUS portfolio managed by TheStreet's founder Jim Cramer, is working on its sixth straight higher low and is now up over 4% from last week's low. This impressive move leaves behind a seven-week consolidation pattern and has set FB up well for more upside.

After breaking above its July spike high in early September, Facebook quickly stalled out. By Sept. 7 it was clear the $132.00 area would be difficult to clear without a healthy rest. Over the next six weeks FB would trace out a bullish pennant while straddling key support near the July peak.

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During this phase the stock remained in a very narrow range despite signs that upside momentum had been completely wiped out. Late in the second week of this month it was clear the 50-day moving average was still providing solid support. Since the low on the 13th FB has been prepping for an upside breakout.

Friday's 1.6% gain on accelerating trade drove FB through the upper band of its bull pennant. The stock finished the session at new all time highs and is continuing that impressive breakout Monday. This move has left behind layers of support.

In the near term, patient FB bulls should consider the stock a low risk buy on weakness. Very solid support is now in place from $132 to $130. This key zone is marked by the September peak near the upper band and last week's high near the lower band. On the downside a close back below $127 would be a clear signal that last week's breakout had failed.

Of note, FB is scheduled to report its third-quarter results on Nov. 2.

This article is commentary by an independent contributor. At the time of publication, the author was long FB.