Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
T3 Trading Group Chief Strategist Scott Redler told Benzinga's #PreMarket Prep that Facebook Inc FB is "probably one of the best candidates out there to buck the trend" lower, if the market continues that way. The stock, which is currently trading at or just below $86, is at a key level, according to Redler. If the stock can hold above $85.25, he indicated that the stock should continue its move higher.
If the stock closes below $85.25, Redler predicted that it may have broader implication for the market. Some "people would start saying, ‘Wow, this correction has a little bit more juice,'" he added. Redler suggested this is because Facebook is "best in breed" and has broke out substantially from its moving averages. That move, Redler said, was "clean."
It's not just Redler that looks at Facebook to perform well. Recently, Mizuho Securities initiated coverage on Facebook at a Buy with a $104 price target. Mizuho Analyst Neil Doshi pointed to Facebook's video for the catalyst to move the price higher.
Facebook is currently trading at $85.81, down 2.5 percent alongside a market that is down as well. Year to date, the stock gained 10 percent compared to a 4.7 percent increase in the Nasdaq 100.
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