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Social networking stock Facebook ( FB) is trading up 5.4% at $20.48 in recent trading.

Today's Volume: 62.6 million

Average Volume: 36.4 million

Volume % Change: 257%

>>3 Internet Stocks Ready to Move Higher

From a technical perspective, FB is gapping up sharply here with monster volume. This move has pushed FB into breakout territory, since the stock has taken out some near-term overhead resistance at $19.98.

Traders should now look for long-biased trades in FB as long as it's trending above $19.98 with strong upside volume flows. I would consider any upside volume day that registers near or above 36.4 million shares as bullish. If FB can hold that trend, then this stock has a great chance of re-testing or possibly taking out its next significant overhead resistance levels at $22.45 to $23.42.

Facebook was also featured recently in " 3 Tech Stocks to Trade (or Not)."

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