Facebook, FB, is Ready To Make New Highs
One of our top technical ideas here is Facebook, FB, currently trading just under 230. Facebook is trading in a very strong uptrend, above the rising 20, 50, 100 and 200-day moving averages, a bullish trend signal. FB just completed an 8% pullback after a breakout to new all-time highs and is setting up for another breakout here. Another signal of the strong uptrend is that FB has had no closes below the 20-day moving average since April 6, indicating a strong near term uptrend as well. Staying above $220 is a key level for shorter term traders and above $200 for position traders and investors.
Disclosure: I am currently long Facebook stock.
