Technical Traders On Facebook's Run To $100

Oppenheimer raised its price target on Facebook Inc FB Wednesday to $100. Technical traders Chrisitan Tharp and Richard Suttmeier suggested what levels the stock needs to break through to make a sustained move higher.

Tharp noted that the stock “has been trending sideways for the last 6 months” with current support near the $75 level.

“As long as the stock holds that level, higher prices should follow. A break of the $81-82 area is key for any sustained run higher for FB,” according to Tharp’s analysis.

Suttmeier commented that Facebook “set at all-time intraday high at $82.17 on Dec. 23 and has weakened since then.”

According to Suttmeier’s analysis, the stock “is on the cusp of its 50-day simple moving average at $76.51 with downside risk to its 200-day simple moving average at $70.78."

Suttmeier concluded, "The weekly chart stays negative on a close this week below its five-week modified moving average at $77.58. An annual value level lags at $52.74 with a semiannual risky level at $80.13.”

Facebook Inc recently traded at $76.42, down 0.04 percent.