Another potential earnings short-squeeze play is online social networking leader Facebook ( FB), which is set to release its numbers on Wednesday after the market close. Wall Street analysts, on average, expect Facebook to report revenue of $1.44 billion on earnings of 13 cents per share. The current short interest as a percentage of the float for Facebook sits at 7.5%. That means that out of the 1.44 billion shares in the tradable float, 35.34 million shares are sold short by the bears. This isn't a huge short interest, but it's more than enough to send shares of Facebook surging higher post-earnings if the company can deliver bullish earnings news. >>4 Big Tech Stocks to Trade (or Not) From a technical perspective, FB is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending modestly for the last few weeks, with shares moving higher from its low of $25.15 to its recent high of $27.62 a share. During that uptrend, shares of FB have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of FB within range of triggering a major breakout trade post-earnings. If you're in the bull camp on FB, then I would wait until after its report and look for long-biased trades if this stock manages to break out above some near-term overhead resistance levels at $27.62 to $28.10 a share and then once it clears more resistance at $28.67 to $29.08 a share with high volume. Look for volume on that move that registers near or above its three-month average volume of 42.98 million shares. If that breakout hits, then FB will set up to re-test or possibly take out its next major overhead resistance levels at $32.50 to $33.45 a share. I would simply avoid FB or look for short-biased trades if after earnings it fails to trigger that breakout and then drops back below its 50-day at $26.83 a share with high volume. If we get that move, then FB will set up to re-test or possibly take out its 200-day at $24.94 a share post-earnings.