First up is Facebook ( FB). I feel like every time I mention Facebook, I need to preface it by saying that I'm no fan of this stock. Yes, there are plenty of factors working against this firm right now, and they've all been beaten to death. But with Facebook's shares showing some technical strength this week, it doesn't really matter how anyone feels about the stock -- there's a trade to be made here.

Yesterday, Facebook surprised everyone when it rallied more than 12% after its lockup expired. But in the context of FB's recent price action, the move isn't hugely surprising -- FB has been slowly forming an ascending triangle bottom since August.

This setup is formed by horizontal resistance at $23.50 and uptrending support coming in below shares. As FB bounces in between those two technical price levels, it's getting squeezed closer and closer to a breakout above that resistance level at $23.50 -- when that happens, we've got a buy signal.

Market momentum, measured by 14-day RSI, has been giving us some extra evidence towards the setup in FB -- it's been in an uptrend since early August, well before the bullish setup in shares was fully formed.

Since momentum is a leading indicator of price, that's a good sign. I wouldn't touch FB until $23.50 gets broken. Even then, keep a tight stop.

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