META - Technical Analysis and GEX Insights
Technical Analysis:
* Price Action: META is consolidating between the key resistance at $716.17 and support at $676.49. A breakout above the resistance level could indicate further upside momentum, while a breakdown below $676.49 might signal a bearish shift.
* Trend Analysis: The stock has been maintaining an uptrend channel, supported by ascending trendlines. However, the current sideways movement suggests a pause in momentum.
* Indicators:
* MACD: Indicates a slight bearish crossover, signaling potential short-term weakness.
* Stochastic RSI: Currently oversold, hinting at a possible bounce or retracement in the near term.
* Volume: Diminished activity during consolidation phases reflects indecision among traders.
GEX and Options Analysis:
* Call Wall: Strong resistance at $700 (30.67%) and $716 (highest positive GEX and gamma wall).
* Put Wall: Key support levels are at $600 and $585, with $600 being the highest negative GEX/put support.
* IVR and IVx: IVR at 13.7 and IVx average at 33.9, indicating relatively low implied volatility compared to its historical range.
* Options Sentiment: Call positioning at 29.3%, with a bearish tone as puts dominate the sentiment.
Trading Plan:
1. Bullish Scenario:
* Entry: Above $716.20 with confirmation.
* Targets: $730, $740, and $750.
* Stop-Loss: Below $705.
2. Bearish Scenario:
* Entry: Below $676.
* Targets: $660, $645, and $630.
* Stop-Loss: Above $690.
Option Trade Suggestions:
1. Bullish Setup: Buy the $720 call expiring in 2-3 weeks if the price breaks $716 with strong volume.
2. Bearish Setup: Buy the $660 put expiring in 2-3 weeks if the price drops below $676.
Conclusion and Thoughts:
META is currently in a consolidation phase. Traders should watch for a breakout or breakdown from the current range to confirm the next trend direction. The GEX data suggests strong resistance at $700-$716, making it a critical level for bulls to overcome. Conversely, bears need to push the stock below $676 for further downside.
Disclaimer: This analysis is for educational purposes only and not financial advice. Prices and setups are based on the current chart and may change in the premarket. Adjustments are required for real-time data. For questions, please PM me.
* Price Action: META is consolidating between the key resistance at $716.17 and support at $676.49. A breakout above the resistance level could indicate further upside momentum, while a breakdown below $676.49 might signal a bearish shift.
* Trend Analysis: The stock has been maintaining an uptrend channel, supported by ascending trendlines. However, the current sideways movement suggests a pause in momentum.
* Indicators:
* MACD: Indicates a slight bearish crossover, signaling potential short-term weakness.
* Stochastic RSI: Currently oversold, hinting at a possible bounce or retracement in the near term.
* Volume: Diminished activity during consolidation phases reflects indecision among traders.
GEX and Options Analysis:
* Call Wall: Strong resistance at $700 (30.67%) and $716 (highest positive GEX and gamma wall).
* Put Wall: Key support levels are at $600 and $585, with $600 being the highest negative GEX/put support.
* IVR and IVx: IVR at 13.7 and IVx average at 33.9, indicating relatively low implied volatility compared to its historical range.
* Options Sentiment: Call positioning at 29.3%, with a bearish tone as puts dominate the sentiment.
Trading Plan:
1. Bullish Scenario:
* Entry: Above $716.20 with confirmation.
* Targets: $730, $740, and $750.
* Stop-Loss: Below $705.
2. Bearish Scenario:
* Entry: Below $676.
* Targets: $660, $645, and $630.
* Stop-Loss: Above $690.
Option Trade Suggestions:
1. Bullish Setup: Buy the $720 call expiring in 2-3 weeks if the price breaks $716 with strong volume.
2. Bearish Setup: Buy the $660 put expiring in 2-3 weeks if the price drops below $676.
Conclusion and Thoughts:
META is currently in a consolidation phase. Traders should watch for a breakout or breakdown from the current range to confirm the next trend direction. The GEX data suggests strong resistance at $700-$716, making it a critical level for bulls to overcome. Conversely, bears need to push the stock below $676 for further downside.
Disclaimer: This analysis is for educational purposes only and not financial advice. Prices and setups are based on the current chart and may change in the premarket. Adjustments are required for real-time data. For questions, please PM me.
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.
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.