Facebook Finds Resistance And Retreats

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

Facebook Inc FB shares were trading lower by $0.77 (1 percent) at $79.64 in Friday's session. Off the open, it rallied but found resistance just ahead of Thursday's high ($81.37), reaching $81.23 before reversing course. Those two highs coincide with the two highs from December 24 ($81.43) and December 26 ($81.28). Adding significance to this area is the all-time closing high for Facebook at $81.45.

Since making the high, it declined through Thursday's low ($79.72), reaching $79.38 before rebounding to $79.81 and turning lower once again. If the decline through its intraday low continues, the next daily support level stands at Wednesday's low ($78.50).

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
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