Facebook Stock is been having quite a bit of challenge since it’s IPO. The stock was offered at $38 in the first day (May 18/2012) and it went up to $45 that day, however that was the peak of the price, then FB dropped down to $17.55 in less than 4 months; since then it’s been trading in the range of mid $20s.
Investors have gained some confidence in the stock therefore the price $28 has become a strong support level. Besides the pattern that is being created looks like a head and shoulders pattern which indicates towards the $33 range. Once $33 area is achieved then it will go for $38 area.