After a disastrous IPO, Facebook shares have been in a volatile trading range between 26 and 33. During this time, the stock has formed a cup and handle bottom-- and if the breakout is confirmed may put the bulls back on much better footing.
The main level to watch is a hair above 33. This level has been resistance a few times and is the level that marks the first stabilization after the strong IPO selloff.
The measured move on this cup and handle is about 7 points, so that puts a target of $40 on the stock. That price may be a bit ambitious, but if the buyers can retake the 33 level as earnings anticipation ramps up, there could be some solid momentum into the high 30's.