META staging a short-term rally. Long-term levels to consider.
Meta Platforms (META) are on a three day bullish streak following favorable group fundamentals and is rebounding off the bottom (Lower Lows trend-line) of the Falling Wedge pattern it has been trading in since February price collapse.
The short-term target is technically the 1D MA50 (blue trend-line), which is just below the top (Lower Highs trend-line) of the Falling Wedge. We may also see a slight break-out as the Bullish Divergence spotted on the 1D RSI was last seen on the March 14 Low and a +27.50% rebound followed. If this is replication, the price can reach roughly 157.00, which is where the 1D MA100 (green trend-line) is currently sitting. That is the medium-term Resistance as it has been unbroken since December 30 2021, so basically for the whole 2022. A break above it would target the 1D MA200 (orange trend-line), which is the barrier that distinguishes the bearish from the bullish trend long-term.
On the flip-side, if META closes below the bottom (Lower Lows trend-line) of the Falling Wedge, expect a sharp drop to the 1.5 Fibonacci extension (92.70).
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The short-term target is technically the 1D MA50 (blue trend-line), which is just below the top (Lower Highs trend-line) of the Falling Wedge. We may also see a slight break-out as the Bullish Divergence spotted on the 1D RSI was last seen on the March 14 Low and a +27.50% rebound followed. If this is replication, the price can reach roughly 157.00, which is where the 1D MA100 (green trend-line) is currently sitting. That is the medium-term Resistance as it has been unbroken since December 30 2021, so basically for the whole 2022. A break above it would target the 1D MA200 (orange trend-line), which is the barrier that distinguishes the bearish from the bullish trend long-term.
On the flip-side, if META closes below the bottom (Lower Lows trend-line) of the Falling Wedge, expect a sharp drop to the 1.5 Fibonacci extension (92.70).
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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