NEW YORK (TheStreet) -- Technical indications on multiple time frames suggest that Facebook  (FB) stock is ready to make a run at new highs. Price momentum and money flow indicators are in positive alignment on both the daily and weekly charts, and the stock is sitting on a platform of support from which to initiate the move.

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Facebook has been in a strong uptrend for the last two years. During this time, the weekly relative strength index has remained above its centerline, and there has been a regular modulation of money flow into and out of the stock. The pattern can be seen on the Chaikin money flow index, overlaid with vertical cycle lines and a cycle sine wave that show a 56-week series of money flow highs and lows.

The indicators are currently at another cycle low point, which suggests the start of another period of buying interest in the stock.

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Last week the stock broke through a band of resistance between $91 and $92.50, and this zone should now act as a platform to support a second phase of the advance. The daily relative strength index is tracking above both its centerline and 21-period average, and moving average convergence divergence made a bullish crossover earlier in the month and is above its centerline.

Last Friday's higher close came with a surge in positive volume that was 93% greater than the 50-day moving average of volume. This reflects daily accumulation in agreement with the weekly cycle.

Price momentum and money flow indicators are in positive alignment on the daily and weekly charts, and the stock is sitting on a band of support.

Facebook is poised to move higher and challenge its old highs, and it is a long candidate above the support zone with a trailing percentage stop.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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