Facebook shares were climbing Monday, despite a market sell-off. The stock was up 2 percent, and one top technician says the charts point to even stronger gains on the horizon as the tech giant continues its monster 2019 rally.
div > div.group > p:first-child"> The stock was up 2 percent in afternoon trading, and one top technician said the charts point to even stronger gains on the horizon as the tech giant continues its monster 2019 rally.
"I think there's an opportunity just as a catch-up trade," Worth said Friday on CNBC's"Options Action." "If you zero in on that, what we know is that the stock makes a new low. It undercuts its October low, but that is not the case on a relative basis, which is to say that even as it was selling off, it was actually outperforming the S&P, and that sets up what has been since, not only an absolute winner but a relative winner, and I think that's part of the opportunity," he said.
"You've got something of a well-defined head-and-shoulders bottom, you have this well-defined top, and of course, you get that massive breakout," he said."What I'm thinking is that you have this initial heavy-volume thrust, and you're going to get a second one all coming from the point at which it broke out, and we're going to do it again."
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