Facebook Breaches Major Support Level At $78.50

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shares were trading lower by $1.50 at $77.93 in Tuesday's session. It is on the decline for the third after approaching its all time high ($82.17), only reaching $81.99, but still managing to pist a new all time closing high at $81.21. Wall Street analysts have been mum on the issue since March 2. On that day, Axiom initaited coverage on the issue with a ‘Buy' rating. Prior to that, a host of analysts upgraded their price targets on January 29 with Credit Suisse maintaining it Outperform rating and raising its price target to $102.00. In today's session, the issue breached a major support level at the trio of lows at the $78.50 in late February and early March. It has continued lower to $77.68, which is its lowest level since it bottomed on February 19 ($76.95). From a longer term technical perspective, Facebook has been in a $73.50 to $82.17 trading range since late October. During much of the consolidation period it has traded between $74.00 and $78.00.