Facebook  (FB - Get Report) continues to drift lower following Thursday's intraday high and could soon present a buying opportunity for patient investors.

Facebook exploded to the upside Thursday morning after posting blowout earnings Wednesday night. Shares peaked during the early going as the stock stretched its breakout move to 6.25%. Facebook has been drifting lower since and appears headed for a gap-fill move. A fade down to the $104 area will offer a low-risk entry opportunity.

At yesterday's early high, Facebook was more than 30% above its late September low. The post-earnings surge finally pushed shares back into overbought territory. The stock had a very similar run from May low to the July high. What followed would have remained a very healthy pullback and consolidation if not for the late August meltdown. Facebook will likely enter the same phase soon as it works off some of the current frothiness. Facebook bulls should consider this an opportunity to enter at lower risk levels.

Facebook left behind a solid support zone following Thursday's open. This key area runs from $105.20 to $104. The upper band marks the stock's October high, while a dip down to $104 will fill the third-quarter earnings gap. Investors should focus on this zone in the near term for new buys. A base here will rejuvenate the overextended bull run, setting the stock up for a fresh leg higher.

A close below $101 would take out this week's low, sending a clear warning sign in the process.

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