After mixed results so far this year, the charts on these three tech names show a good chance of moving higher in the near term.
The Facebook (FB) circus continues this morning, as all the IPO underwriters are allowed to give their coverage. Goldman Sachs (GS) and JPMorgan (JPM) are the highest of the bunch, with 12-month targets of $42 to $45.
The real trade for Facebook, however, was after the reversal at $25.70 on June 6, and then when it broke its downtrend and closed at $28.10 on June 14. Facebook is due a rest, but it should "reset” and move higher again shortly.
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LinkedIn (LNKD) acts very well technically, even with a much lower valuation and metrics. The stock has been on the move, and there is another buyable pattern around $107.10 for continuation. It is currently sitting right on top of its 50-day moving average.
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Zynga (ZNGA) probably can be thrown in the drawer with a stop at $5.50. The “Zynga Unleashed” conference met with some skepticism, but plans for a new pipeline of games and its new strategy for continued growth and expansion could send the stock higher in the next five or six days.
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Scott Redler is a trader at T3Live.com and a frequent speaker at the Traders Expo.
