Facebook's stock ready for new records?

Facebook's stock hasn't done much over the past few months. From October last year the stock has been moving sideways within a narrow bandwidth, but something has changed last trading week. The old top of $82.16 has been breached and it now follows a strong uptrend. Facebook is hot, and hot for a reason.

Technically speaking it'll be very well possible that a march to $90 and beyond is feasible in the upcoming weeks. Facebook is one of the strongest trending funds on the stock market, and popular among various traders and investors for that reason. The average is nicely going up, and even the technical indicators confirm a positive trend on my screen. The overall market sentiment on Stocktwits (one of the valuable investment resources I use quite often to come to a trading decision), stands on 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 this year. If you are thinking about adding a tech stock to your portfolio, here's your chance to a solid stock. I personally substituted Apple (AAPL) with Facebook in my portfolio actually, due to the fact of 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.

Good luck trading!

+John van der Munnik