Why Facebook Still Has A Chance To Hit New Highs

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Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

T3 Trading Group Chief Strategist Scott Redler discussed Facebook Inc FB on the show.

"I do like the fact that it re-tested $82 and I did get long [on the stock]," according to Redler.

"I think if there are any names that still have some momentum and a chance of making new highs, I think [Facebook] is one of them," said Redler.

"It re-tested $82 and held, so if you want to be long" setting $82 as your stop, "you have a nice defined risk."

Redler thought that if the stock cloud move towards the $85 level, then it might negate "that big, wide range bar" and "take out $86."

Shares of Facebook closed at $83.19, down 0.13 percent.

Listen to the show here:

Posted In: Analyst ColorLong IdeasExclusivesTrading IdeasScott RedlerT3 Trading Group
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