Satori Fund founder and portfolio manager Dan Niles likes Facebook Inc (Nasdaq: FB) for a reopening play, he said Thursday on CNBC's "Squawk Box.” He believes Facebook will see increased revenue through advertising once travel and tourism heat up again.

From a chart perspective, what’s not to like? Facebook’s stock made another new all-time high on Thursday and on Friday bulls will want to see continued momentum into a blue-sky run.

The Facebook Chart: Facebook’s stock closed at $332.75, slightly below its new high of $333.78. Strong bull volume helped Facebook to make its new all-time high. On Thursday, 20.478 million shares were traded during the session compared to an average of 16.224 million.

Facebook is trading above both the eight-day and 21-day exponential averages (EMAs), with the eight-day EMA trending above the 21-day EMA, both of which are bullish indicators.

Facebook’s stock is slightly extended from the two commonly followed EMAs, however, and bulls will want to see some consolidation for the EMAs to catch up to the stock price. Facebook is trading well over the 200-day simple moving average indicating the overall sentiment in the stock is bullish.

Facebook’s relative strength index (RSI) is at about 65%, which is at the higher end of what traders would consider comfortable. Another big bullish move on Friday could pop Facebook’s RSI over 70%, which could indicate its stock needs a day or two next week for the RSI to cool off.

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Bulls want to see continued momentum push Facebook up over Thursday’s high and for immediate follow through to give bulls confidence at a blue-sky run. Although eventually, Facebook’s stock should consolidate to cool the RSI and allow the EMAs to catch up, stocks can stay in extended territory for quite some time when the market is rallying.

Bears want to see Facebook’s stock reject its new all-time high and for it to drop back down the $324.50 area. If Facebook was unable to hold that level as support it could fall back toward $316.50 which could also put the stock back under the eight-day EMA.