Here's How To Trade Facebook After This Weeks Consolidation

Lackey, a founding partner and Chief Investment Officer of Barber Lackey Financial Group discussed a

trading strategies. Shares of Facebook reacted to news reports of its Instant Articles last week, but have since stalled near an $82 level earlier this week. "I look at this real quick and see the $82 level and they I look at that $79.90 level and since the markets are fairly strong and above the moving average clusters in that area, what I would do is look for a purchase on either side," Lackey said. "If it breaks over $82, great we try to play a breakout play. If it doesn't and comes down to test that middle Bollinger Band at $79.90, even if it breaks through it, I'll watch it for a while because if it comes back quickly that's a great place to get in as well." The conversation continued to point out shares of Facebook hit an all-time high of $86.07 before reversing back to the $77 level. Interestingly enough, the mid-point of the $9 decline in shares corresponds to approximately to the $81.50 level. Shares of Facebook traded at that level on Tuesday before pulling back to the $80.00 level on Wednesday.