Can Facebook redeem itself by trading back up to the $38 level where it came public last May?
In an attempt to answer that question Mad Money went 'off the charts' with technical analysis from Scott Redler the chief strategic officer at T3 Trading and a Cramer colleague at RealMoney.com.
Redler identified what could be a very bullish pattern in the weekly chart of Facebook – something called a Cup and Handle pattern.
First, you get a cup-shaped bottom, and then after the stock rebounds, it starts pulling back while trading in a tight range, which gives you the handle. Once the stock breaks out from the handle and the pattern is finished, it's typically followed by a substantial rally.
In fact, if the Cup and Handle holds, Redler thinks thinks the resulting rally could carry Facebook all the way back to its IPO price the $38 to $42 range.
How does Redler get that target?