Shares of FB have broken out. Last week, they took out the previous high of $195.32 and then successfully retested the level the following day. Today, bulls continue to validate the breakout, with shares flirting with the $200 level.
I expect continued strength in the name, as valuations are reasonable and fundamentals remain strong. Given the lagging performance relative to other tech names, there may also be a catch-up rally in the cards.
Upside targets, based on Fibonacci extensions, are $208, $214, and $224.
I'm long shares (have been since the I.P.O.), and I also bought July 20 $205 calls near last Friday's close. Seems like a picture perfect breakout!
I expect continued strength in the name, as valuations are reasonable and fundamentals remain strong. Given the lagging performance relative to other tech names, there may also be a catch-up rally in the cards.
Upside targets, based on Fibonacci extensions, are $208, $214, and $224.
I'm long shares (have been since the I.P.O.), and I also bought July 20 $205 calls near last Friday's close. Seems like a picture perfect breakout!
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