Market Overview

Facebook Rally Approaching Danger Zone?

Share:
Related FB
Amazon Confirms Alexa Recorded, Shared User's Conversation
Citron Goes Full Bull On Roku
Calls To Break Up Tech Giants Ignore History (Investor's Business Daily)

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

Facebook Inc (NASDAQ: FB) shares are trading higher $0.55 at $88.43 in Wednesday's session. It has backed off its new all-time high that was earlier in the session at $89.25.

The issue is in the midst of a torrid four day winning streak that has taken the issue from Friday's close ($82.51) to its current level.

Part of Wednesday's rally can be attributed to comments made by RBC Capital analyst Mark Mahaney, who believes the issue is worth $105.

After a weaker open ($87.88 vs. Tuesday's close of $87.88), it dipped to $87.45 before erupting to the upside.

It should be noted that Facebook had a significant correction when it made an all-time high in March 2014 at $72.59, retreating to $54.66 before rebounding. In addition, it had a milder retreat when it peaked at $84.96 in March 23 before falling to $76.79 on the way to another rally.

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas

 

Related Articles (FB)

View Comments and Join the Discussion!