Facebook nears record new on falling volume - time to SHORT?

Despite recent turmoil, facebook shares are rising and targeting the record high at 195.32. Analysts have become more bullish recently with an average share price of $217.84, up from $214.75 in April. However, trading volume remains below average. Are investors watching from the sideline? Bad news for facebook is likely (new regulations in Europe and US). Next earnings report is on 25th of July.

The recent rise hasn't been supported by high volume. The stock rises on falling volume, which shows the smart money isn't joining the rise. The RSI indicator shows overbought conditions (nearing 70, such levels have been followed by weakness this year).