Market Overview

Facebook Rallying On Possible China Approval, Positive Comments From The Street

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

Facebook Inc (NASDAQ: FB) shares were trading higher by $0.90 (1 percent) at $80.26 in Wednesday's session. There are two potential catalysts for the rally.

First, a note was being circulated regarding Facebook approval in China, although this has not been confirmed. Analysts have been making favorable comments regarding the possible benefits from a Payments feature in its Messenger product.

After a slightly lower open, it immediately found support below Tuesday's close ($79.37), reaching $79.17 before reversing course. The ensuing rally found intraday resistance at $80.89 before falling back its current level. That level is just shy of its March 6 high ($81.33).

It should be noted today's rally is taking place on higher than average volume. So far, it has already traded 16.4 million shares vs. its five-day average of 17 million shares with more than four hours remaining in the session.

Posted-In: Rumors Technicals Intraday Update Movers Trading Ideas


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