Consolidation In Facebook Continues

Facebook FB shares are trading lower by $0.08 at $118.73 in Wednesday's session. The issue is in a well defined trading range since it rocketed from its April 27 close ($108.89) to $116.73 the following day after the company posted better-than-expected Q1 results. The top of the trading encompasses the area over $120 up to its all time high of $121.08. The bottom of the range is defined by the series of lows near the $116 level. Today's marks the twenty-fourth day in a row, the usually volatile issue has traded in this narrow $5 plus range.