Shares of Facebook Inc (FB) continue to surge higher in today’s action. The stock hit a high of $215.57 as of this article and looks like it can continue until it tags a major gap fill on the daily stock chart. This gap fill is associated with the pivot top form July 2018 when Facebook reported earnings and guidance that shocked the market. Gap fills are notoriously good levels of resistance and occurs when a stock is extended and finally closes the gap. This will happen on Facebook at approximately $217.50. This area is also the all time high on the stock.
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How To Trade It:
Investors and swing traders should look to short the stock at gap fill. A downside target of $195-$190 is likely within weeks of this level. A stop of $225 can be used to isolate down if the gap fill resistance fails. This gives a great risk/reward trade setup for investors and swing traders.