Facebook Weak Ahead Of Wednesday's Earnings Report

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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 $2.80 at $94.15 in Monday's session. It was only five days ago when the Street was convinced it was going triple digits, but came up shy peaking at $99.24 and posting its all-time high close at $98.39.

After making its all-time high, it made a series of three highs between $97.45 and $97.76 and ended the week at $96.95.

In today's session, it had a lower open ($96.61 vs. Friday's close of $96.95) and only managed to rally $0.03 to $96.61 before sellers flooded the issue.

So far, its has declined to $93.83, the lowest level since making its all-time high, before rebounding back over $94.

If the decline continues through the intra-day low, there may be additional support at its July 17 low ($92.54).

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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