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Facebook Rallies Ahead Of Q2 Report

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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 are trading higher by $0.81 at $96.10 in Wednesday's session. The issue is adding to its rally that began yesterday when the issue bottomed at $93.31 and rallied to close at $95.29.

The momentum carried over in today's session as it opened higher and rallied to and found resistance just ahead of Monday's high ($96.61), only reaching $96.34 before reversing course.

The ensuing decline took the issue through the close and found support at $94.75 and rebounded to make at new high at $96.47 before falling back to the $96 level.

The company is do to release Q2 earnings after the close. The Street is looking for EPS of $0.47 with revenues of $3.54B.

The all time high in the issue stands at $99.24 and its all time closing stands at $98.39.

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