J.C. Parets: It's Hard To Find Something Not To Like In Facebook
Eagle Bay Capital Founder JC Parets forecasted that Facebook Inc (NASDAQ: FB) would test resistance at $86 and ultimately break through on a run to $100 per share. Of recent price action, Parets said that there has been "nice consolidation," but that the stock is "probably going higher."
These comments come in reaction to Wednesday's price move, which saw the stock gain nearly 2.5 percent. Year-to-date, Facebook has gained 5.6 percent overall, putting in an all-time high at $86.07 in March. That level was tested again in April, before the price backed down.
Parets said that "triple tops don't exist where I come from," noting that a third test of that level would be "super bullish." And that's exactly what Parets said he expects to happen.
Related Link: This Trader Sees Facebook Shares Hitting $100
Parets also cautioned that there could be some overhead supply near $86 that could cause the stock to back off slightly on its first attempt. But on a fourth or fifth test of resistance, it should break through, he said.
In total, Parets said that it's "hard to find something not to like" in the stock.
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