Facebook (FB) has been downright ugly of late, but this past quarter it has, no doubt, been the market darling.
You have the highs that were reached of +$121 lat month, and once June rolled around, all this thing could do was drop in price. But now it gets really interesting because between $107-$108 you have a key support level that it is currently testing.
Along with the 200-day moving average at just a shade below $107, you have the makings of a nice bounce here.
The market is due for a dead cat bounce, but you have to be nimble with this trade – if you can net 3-5% on a bounce in $FB, I wouldn’t questions it -I’d just take it.
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