Tuesday, May 21, 2013

Facebook Gets Defriended By The Market

Yesterday, the leading social networking stock in the world Facebook Inc (NASDAQ:FB) came under selling pressure again. This stock has been selling off since May 3, 2013, when it traded as high as $29.07 a share. Yesterday, FB was trading lower by 0.38 cents to $25.87 a share. With this action in the stock price comes trading opportunity; swing traders should watch for some near term support on the Daily time frame chart around the $25.00 area. Short term day traders should also watch for intra-day support around the $25.80, and $25.32 levels. Both areas should provide for a bounce in the stock price.

Some other leading social networking stocks that have been weak lately include LinkedIn Corp (NYSE:LNKD), Renren Inc (NYSE:RENN), and United Online Inc (NASDAQ:UNTD). Yesterday, all of these social media and networking stocks were trading higher with the exception of Facebook Inc which continues to lag the industry group.

By the Market Authority Ultimate Income Strategy