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Shares of Facebook (NASDAQ:FB) are finally rebounding yesterday as shares neared major support. Facebook stock had fallen in seven of the previous eight days as investors elected to take risk off the table.
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FB is now back to levels last seen before releasing the company’s latest solid earnings report in late July.
The previous buying in Facebook may have gotten a little overextended, with shares reaching overbought levels as it traded at all-time highs. In a similar fashion, the selling has now reached an extreme as well. Look for the Facebook stock to regain some lost momentum over the near term.
Facebook reported earnings on July 30 and beat handily on both the top and bottom line. EPS came in at $1.80 per share, well above analyst estimates of $1.40. Revenues also were a