Facebook Finds Resistance

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

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shares are trading higher by $0.18 at $80.47 in Tuesday's session. One reason for the rally may be a New York Times report that Instagram plans to expand advertising. After a lower open ($79.56 vs. Monday's close of $80.29, it immediately found support at $79.56 and began to move higher. The issue found resistance just above its May 22 high ($81.31), reaching $81,35 before falling back under $81. Longer-term the issue has been a trading range between $78.66 and $81.69 since May 15. The all time high in the issue stands at $86.06 and the issue spike toward the level following its Q1 earnings report but came up shy at $85.59. Since the report, the lowest level for this issue has it s May 13 low at $77.65.