Facebook (FB) Gets Defriended by the Market

This morning, the leading social networking stock in the world Facebook Inc (NASDAQ:FB) is coming under selling pressure again. This stock has been selling off since May 3, 2013, when it traded as high as $29.07 a share. Today, FB is trading lower by 0.38 cents to $25.87 a share. With this action in the stock price comes trading opportunity; swing traders should watch for some near term support on the Daily time frame chart around the $25.00 area. Short term day traders should also watch for intra-day support around the $25.80, and $25.32 levels. Both areas should provide for a bounce in the stock price.

Some other leading social networking stocks that have been weak lately include LinkedIn Corp (NYSE:LNKD), Renren Inc (NYSE:RENN), and United Online Inc (NASDAQ:UNTD). Today, all of these social media and networking stocks are trading higher with the exception of Facebook Inc which continues to lag the industry group.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

Visit: InTheMoneyStocks

Be the first to comment

Leave a Reply

Your email address will not be published.


*