Facebook's EPS Beat Overshadowed By Revenue Miss: A Technical Look

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Facebook Inc FB shares were down $0.69 at $83.96 in Thursday's session. The Street is undecided on what to make up of its Q1 beat for EPS, but slight miss on revenue.

The Street's initial response was overwhelmingly negative, as the issue spiked to $81 in after-hours trading before recovering to $84 at Thursday's open. However, off the opening bell, the bulls were in charge and the issue raced to $85.59 before finding resistance.

That level coincides with its March 25 high ($85.52), but it is well shy of its all-time high of $86.07 that was made on March 24. Its all-time closing high was posted on that same day at $85.31.

So far, Facebook has found intraday support at the pair of lows from Tuesday ($83.54) and Wednesday ($83.65) sessions, reaching $83.67. If that level is breached, the next identifiable support level can be found at Monday's low ($81.24), which is just above the pre-market low.