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Shares of Facebook (FB) have been moving quite well since the March 8 open. With today's slight gain, the stock is now up over 10% from this month's low as the impressive rebound following the early February flush continues. Currently, Facebook is working on a six-day winning streak and has gained ground during 12 of the last 14 sessions.

Despite this healthy move, investors should remain cautious while upside momentum continues to ease. A pullback appears likely before Facebook can mount a challenge of its February peak.

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Back on Jan. 28, Facebook exploded to the upside. This powerful earnings-inspired breakout lifted the stock over 15% sparking a rally that would carry shares to new all time highs. Three sessions later, the surge hit a wall with a sharp downside reversal. Over the next four days, Facebook gave back all of the Jan. 28 gains during a massive selling wave. By Feb. 8, the stock had dropped over 12% and filled its breakout gap. Two days later, FB had regained its footing near this key gap support area. The stock has been on a steady climb since.

In the near term, it appears Facebook lacks the power to mount a retest of all-time highs set back in early February. The stock will likely consolidate further before the $117 area is reached. During this process, Facebook bulls should keep a close eye on the $111-to-$110 support zone. The stock should be viewed as a low-risk buy as long as this key area is maintained. A close below $110 would pierce an important underlying trend line that links the February and March lows. If Facebook can hold above this zone while the bull trend strengthens, a run up to all-time highs will likely follow.

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TheStreet Recommends

Facebook is a holding in Jim Cramer's Action Alerts PLUS charitable trust portfolio. The stock is one of the portfolio's favorite growth stocks. Cramer and Research Director Jack Mohr wrote recently:

"Facebook is the most powerful and iconic social media platform in the world, boasting over 1.5 billion users on its main platform alone. The company has been a leader in the shift to mobile, has a sprawling product ecosystem (Instagram boasts over 400 million monthly active users (MAUs), WhatsApp nearly 1 billion and Messenger over 700 million). Meanwhile, we like its earnings algorithm; its cost of sales is declining while average revenue per user is growing at breakneck speed."

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