Why Facebook Still Has A Chance To Hit New Highs

Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

T3 Trading Group Chief Strategist Scott Redler discussed Facebook Inc (NASDAQ: FB) on the show.

"I do like the fact that it re-tested $82 and I did get long [on the stock]," according to Redler.

"I think if there are any names that still have some momentum and a chance of making new highs, I think [Facebook] is one of them," said Redler.

"It re-tested $82 and held, so if you want to be long" setting $82 as your stop, "you have a nice defined risk."

Redler thought that if the stock cloud move towards the $85 level, then it might negate "that big, wide range bar" and "take out $86."

Shares of Facebook closed at $83.19, down 0.13 percent.

Listen to the show here: