$FB (Facebook Inc.: NASDAQ) recently roared above the $80 level to mark a new all time intraday trading high of $86.07.

In looking at the two hour chart we can see that the bulls really picked up the pressure as soon as the stock broke above $81 in mid-March, as noted by the blue arrow. Historically, this had been a tough level for the bulls to maintain the price above.

The momentum push higher was confirmed on the hold and subsequent rise above $82. By late morning on 3/24/15, $FB traded just above $86. From this point forward, the decline in +DMI and crossover of the MACD line below the signal line indicated exhaustion on the part of the bulls.

We can see that $FB has since pulled back to digest the latest gains, closing at $82.32 on 4/7/15. The ADX line is not rising, so there is no trending move in play at this moment over the two hour time frame. However, it is clear that +DMI and -DMI are taking turns in overlapping, so the bulls and bears are in the midst of a tug of war to determine who will move the stock in a big way next.

The $83 and $84 levels seem to be resistance for the bulls to overcome in the near term, with support at the breakout level around $81. If the MACD line crosses above zero and can hold above the signal line, a bullish continuation move may be in play. This would be further reinforced by a rising ADX line and spike in +DMI.