Facebook (FB) climbed 8% to close @ $26, the highest close since the collapse wave in late July. The near term trend remains strongly higher, and we're now approaching gap resistance in the low 27s. A close in the 27s would be suggestive of a move to $30, if not 33/34.
FB has certainly seen a very strong base develop since the summer lows. Today's move - based on yet another bullish 'expert analyst' (where were they on IPO day?), is close to a clear breakout.
If FB can get a few consecutive closes in the low 27s within the next week or two, then it does suggest the big $30 level will be tested, and that would most likely not be the ceiling.
On any basis, fair value remains $4, but for the moment, the 'experts' out there are getting all hyper over this stock again.
So, immediate trend is upward, but I can't imagine FB not moving into single digits by the latter part of 2013.
All those looking to short this nonsense should arguably be patiently waiting.
*If I'm right about the indexes maxing out around sp'1425 later this week, then FB will likely NOT break into the 27s.