Matt Maley says Facebook's chart indicates the possible beginning of an uptrend, while Erin Gibbs says the company's fundamentals are strong.
div > div.group > p:first-child"> The tech giant's shares on Tuesday topped $172, which in recent months has been a key level of resistance. Each time the stock has reached that level since September it has subsequently retreated. But this time may be different, one chart watcher says.
Maley cautions about headline risk for the stock — particularly because of growing calls for regulation of social media and as the next presidential election approaches. Despite regulation uncertainty, Facebook shares have bounced back since the slide at the end of 2018 that hit the tech sector and broader market. The stock is up about 42 percent from its December low, although it's still about 20 percent from its July all-time high.
"I think what we're really seeing is now more analysts are looking at some of their [Facebook's] acquisitions, particularly Instagram, [which] really is seeming to pick up the pace. This is the new area where we're seeing a lot of potential growth," she said on "Trading Nation."
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