By Tim - http://stockstobuy.org - Twitter - @stockstobuy - Facebook (FB) Stock Chart - The following is technical analysis on Facebook (FB) - May 30, 2012
Facebook (FB) Support & Resistance Levels - 5/30/12
Resistance Levels: $31.69
Support Levels: $28
Chart - http://www.stockcharts.com
Facebook (FB) dropped below $29 on Tuesday which is very bearish. FB stock could not break above $32.95 resistance and ended up putting in another short term top located at $31.69. Facebook (FB) will now need to hold $28 or we could see a huge plunge followed by a rebound attempt. If FB breaks $28, I think you could buy the stock for a trade. However, today's acquisition spree is not good for the company in the short term. Facebook should not be spending cash this fast only being public for a few weeks. They need to slow down!
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