Facebook's stock hasn't done much over the past few months. From October of last year, the stock has been moving sideways within a narrow bandwidth, but something has changed as of the last trading week.
The old top of $82.16 has been breached and it now follows a strong uptrend. Facebook (NASDAQ:FB) is hot, and it's hot for a reason.
Technically speaking it's very possible that a march to $90 and beyond is feasible in the upcoming weeks. Facebook is one of the strongest trending equities on the stock market, and popular among various traders and investors for that reason. The average is going up nicely, and on my screen, even the technical indicators confirm a positive trend. The overall market sentiment on Stocktwits (one of the valuable investment resources I use quite often to come to a trading decision), stands at 87% bullish!
Potential
Facebook's stock has potential, and there's definitely room for growth. I don't think Facebook is overbought; In fact, triple digits are on my radar for this year.
If you are thinking about adding a tech stock to your portfolio, here's your chance to add a solid stock. I substituted Apple (NASDAQ:AAPL) with Facebook in my portfolio actually, due to Apple's horrible Apple watch, which is a very bad move in my opinion (too much competition/overpriced gimmick). I believe Facebook is fundamentally a bit stronger at the moment (and a little cheaper too). The technical side definitely confirms it.