Facebook Inc (NASDAQ:FB) has been one of the top performing social media stocks this year. The stock has seen a gain of close to 49 percent right from the beginning of the year. Facebook Inc (NASDAQ:FB) is expected to release its quarterly results on Tuesday and analysts expect the social media giant to beat estimates and provide for a very strong forward guidance. Many analysts believe that Facebook Inc (NASDAQ:FB) is trying to become the number one choice for consumers to access news.
The company currently has 1.3 billion active users who login to the website on a daily basis. Facebook Inc (NASDAQ:FB) is trying to invest a lot of time and effort into creating news feeds that would allow consumers to not only consume personal information but also be able to keep themselves updated about the happenings around them. Also, the foray into mobile payment through the messenger app is being seen as a huge game changer for the company. Also, in a recent report it was released that Facebook Inc (NASDAQ:FB) was the social platform mostly used to share online videos with a total share of 59%.
On the daily charts for Facebook Inc (NASDAQ:FB), the stock has hit a fresh 52 week high which is a huge positive. The stock has been in quiet a strong uptrend and might continue the surge post the company announced its results. The stock has formed a strong support zone near the $70 level and currently trades well above all important daily moving averages. The momentum indicators for Facebook Inc (NASDAQ:FB) have given a fresh buy signal and show no signs of reversal which is a bullish signal. The relative strength index is also in bullish territory indicative of the strong buying interest seen at current levels.