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by Darius Anucauskas

Can Facebook Stock Still Hang In There?

From the technical side, the Facebook Inc Common Stock (NASDAQ: FB) is still holding onto its short-term upside support line drawn from the low of October 2nd and continues to trade above it. But recently, the price found strong resistance near the 198.05 hurdle, from which it retraced back down slightly. As long as FB remains above that upside line, we will stay somewhat bullish. But in order to get slightly more comfortable with higher areas, a break of that resistance hurdle, at 198.05, would be needed.

As mentioned above, if the stock moves a bit more to the downside, but stays above the aforementioned upside line, we will class this slide as temporary correction before another leg of buying. If the price gets a descent rebound from that upside line, this could lead FB to the 198.05 barrier again, marked by the highest point of October. But in order to get comfortable with higher areas, we need to see a break of the 198.05 zone first. Such a move would confirm a forthcoming higher high and the stock could rise to the 202.83 level, marked by the high of July 26th, a break of which could set the stage for another test of the 208.60 level. That level marks the highest point of July.

On the other hand, if the price falls below the previously-mentioned upside line and the 185.98 hurdle, marked by the low of October 30th, this may attract more sellers into the game and the stock could move to the 181.89 area, marked by the low of October 22nd. Initially, FB might stall around there for a while, or even correct back up a bit. But, if the price stays below that upside line, the stock may decline once again. Another drop could break the 181.89 zone this time and send FB to the 177.71 level, marked by the low of October 8th.

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