FB is scheduled to report quarterly earnings after the close on Wednesday 23 July 2014. If I traded single stocks, I would still be long at least a portion of a long initiated here.
Facebook has maintained the uptrend established in early 2013 basically intact since that time. It now looks set to easily breach the $72.59 (especially with today’s positively received new product announcement) level in short order. If indeed that happens, remember “Bull Markets have no resistance.”
That said, anything can happen in the stock market. If Facebook’s price does reverse there are multiple support levels not least of which are around the $62.00 and the $55.00 level (respectively).
Which way will price go? Hold your finger up to see which way the wind is blowing… you get the rest.
Protect your downside.