Meta PlatformsLong
FB potential trends and price targets
FB gapped lower after weak earnings and a poor speculative outlook on the future of the Metaverse in early February, 2022.
Today's close (217.70) sits near a previous ATH (218.62) established in 2018 prior to the 2018 recession and retested in 2020 prior to the COVID crash. We may be observing a historically established and presently being validated supply = demand zone. Coincidentally, closing at this price on this day could also verify a potential macro bullish trendline.
A break below this potential demand level and trendline could be met with support at:
1) a lower, second possible bullish trendline (in blue on the chart)
2) the low of 2020 (137.10)
3) the low of 2018 (123.02).
Take profit targets for a long position could be:
1) a filled gap to the weekly low prior to the gap (289.01)
2) a filled gap to the close the day prior to the gap (316.87)
3) ATH established September, 2021 (384.33).
Today's close (217.70) sits near a previous ATH (218.62) established in 2018 prior to the 2018 recession and retested in 2020 prior to the COVID crash. We may be observing a historically established and presently being validated supply = demand zone. Coincidentally, closing at this price on this day could also verify a potential macro bullish trendline.
A break below this potential demand level and trendline could be met with support at:
1) a lower, second possible bullish trendline (in blue on the chart)
2) the low of 2020 (137.10)
3) the low of 2018 (123.02).
Take profit targets for a long position could be:
1) a filled gap to the weekly low prior to the gap (289.01)
2) a filled gap to the close the day prior to the gap (316.87)
3) ATH established September, 2021 (384.33).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.