Facebook Finds Resistance

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Facebook Inc (NASDAQ: FB) shares were trading higher by $0.18 at $80.47 in Tuesday's session. One reason for the rise may be a New York Times report that Instagram plans to expand advertising.

After a lower open ($79.56 vs. Monday's close of $80.29), it immediately found support at $79.56 and began to move higher. The issue found resistance just above its May 22 high ($81.31), reaching $81.35 before falling back under $81.

Longer-term, the issue has been in a trading range between $78.66 and $81.69 since May 15.

The all-time high in the issue stands at $86.06; the issue spiked toward the level following its Q1 earnings report but came up shy at $85.59.

Since the report, the lowest level for this issue stands at its May 13 low at $77.65.