Facebook's latest earnings report showed that it was in fairly good shape. Here's a report I pulled from Investor's Business Daily:Facebook Stock Surges On Strong Quarterly Earnings ReportBRIAN DEAGON4:05 PM ET...After the market close Wednesday, Facebook (FB) reported adjusted fourth-quarter earnings of $2.38 per share and revenue of $16.9 billion. Wall Street analysts expected $2.19 per share on revenue of $16.4 billion. The company got a slew of price target hikes as a result. The high-end range of the price-target raise was from Monness Crespi Hardt analyst Brian White. He raised the price target to 225 from 190....The company ended the quarter with 1.52 billion daily active users, up 9% from the year-ago period. Monthly active users were 2.32 billion, also up 9%. Facebook Engagement Stable"Engagement appears stable, as the daily and monthly active user ratio held steady." Baird analyst Colin Sebastian wrote in a note to clients. Facebook now estimates 2.7 billion people use its flagship network or its Instagram, WhatsApp or Messenger offerings each month. And more than 2 billion people use at least one of the four each day. Raymond James analyst Aaron Kessler raised his price target on Facebook stock to 200, from 190. He maintained a rating of outperform.From Facebook Stock Surges On Strong Quarterly Earnings Report (investors.com)We recently observed price held around the $150 resistance and noted that a break above could bring price to the $170 area, where it would face another key resistance. I didn't expect that to happen in just 1 session.FB Daily Chart(click to enlarge)Resistance Factors:- We can see that the $165-$170 area contains the 200-day simple moving average (SMA), which could act like resistance during a bearish market.- When we look at price action since July, we can say FB has been bearish in the short to medium-term. Thus, we should respect the 200-day SMA. It looks like the market did.- Also, there is a support/resistance pivot around $170, which is another reason to anticipate selling here. Again, it looked like trades faded FB after it got above $170. - FB closed the session around $166.70. - I am still bearish on FB (as well as the market in general) in the short to medium-term. Next Resistance:- I think if price pops up above $170, it will eventually find resistance around $185-$190. - I don't think it is prudent to chase the current rally.- It might be better to wait for a pullback to $150. My plan:- I am NOT holding any position in FB at the moment, keeping dry powder for it at $128 and $110.- These levels look really distant at the moment, especially after this latest earnings report and the subsequent reactions. - I am considering shifting these entry orders to $152 and $135.