Facebook shares could be on the road to new highs, trader says
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Keep Me Logged InFacebook shares are rising, and that has one trader hitting the buy button on the stock.The stock is up 15 percent since reporting earnings Jan. 30, leading Todd Gordon, founder of TradingAnalysis.com, to believe new highs could come sooner than investors think."We have a gap that's yet to be closed, which is quite constructive in the underlying stock," Gordon said Tuesday on CNBC's "Trading Nation." "And it looks like we could go up."In fact, Gordon believes that the stock is set to close a giant gap down in the charts from that July all-time high when the social media stock cratered from earnings. But should Facebook close above $190 on April 18, then Gordon could make up to $1,466 on his trade.Thanks to its jump on earnings, Facebook has now risen 27 percent year to date.One trader says the charts are pointing to new highs for social media giant Facebook.U.S. markets are rallying Tuesday as lawmakers reach a preliminary deal to avoid another partial shutdown of the federal government.
As said here by Annie Pei