Facebook Inc FB shares are trading lower by $2 at $114.62 in Monday's session. The issue had been in well-defined trading range since it Q1 report from $115.88 to its all-time high of $120.81, with much of the price action between $116.50 and $119.50.
Before the open, Andrew Left of Citron Research announced he is short the issue. In his opinion, the social media platform is losing its relevancy.
As a result, the issue opened beyond the bottom of the trading range and its brief rally to $115.48 came up short of the lower end of the range. The ensuing decline has taken the issue in a vacuum area ($110.50 to $116.23) that was created by the company's better-than-expected Q1 report.
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