Here’s how far can Facebook reach after revenue

We are in the midst of earnings season and all investors could ask for was a reaction like the one we are seeing on Facebook. (FB) – Get the report quarterly results.
Stocks jumped more than 6% to new all-time highs. The price action in this one has been magnificent and the Bulls are enjoying the reaction. He’s one of the top winners on Thursday.
The company exceeded analysts’ expectations, easily exceeding earnings and revenue expectations.
For what it’s worth, Apple (AAPL) – Get the report did too, but the stock was barely up that day despite its shift. Heck, even Pinterest (PINS) – Get the report crushed consensus expectations, but its action was hammered after a slight lack in its Monthly Active User (MAU) metric.
FAANG competition and peers aside, how far can Facebook rally? Let’s look at the graph.
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Facebook trading
Facebook shares are trading pretty well lately. Like most other mega-cap tech stocks, Facebook topped in late August and early September before entering a phase of consolidation over several quarters.
Since the March lows – where the stock was under pressure but didn’t crash like high-growth tech stocks – stocks have been tearing apart.
The stock continues to respect the $ 297.50 level. This was resistance in March, after which the stock broke above that measure to new highs and pulled back to find it as support. This is a very optimistic development, in my opinion.
That’s even though Facebook stock failed to resist the previous all-time high near $ 305. And now?
Since the Bulls did a good job submitting Facebook to Thursday’s low, I’d like to keep that level in mind for the future.
A move below Thursday’s low makes the stock vulnerable to a decline to the previous all-time high at $ 315.88.
On the upside, I want to see if stocks can climb to the 161.8% extension near $ 342. Above that, that will open the 261.8% extension of the wider lineup (the Q1 lineup as of 2020), up to almost $ 365.
As long as the market can resist, the Facebook stock can very well trade from here because the techniques are solid.