META completing 8 straight months of gains. How far can it go?
META is about to close the month on the 8th straight green candle, which is of course way beyond any rally in the company's history.
Having broken even above the 0.786 Fibonacci level and turned the 1month MA50 into Support again, the question on everyone's mind is how far can the market extend this rally.
Looking at its short history, all of Meta's rallies didn't stop before the 1month RSI entered the overbough (over 70.00) zone. And the RSI is currently at 61.88, considerably lower than this limit.
Of course it can be argued that this time the rally started after the 1month RSI rebounded from the oversold area, the first time in its history.
But technically, it appears that the market both technically and fundamentally has what it needs to keep investors interested and most likely won't correct substantially before testing at least the $385 All Time High.
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Having broken even above the 0.786 Fibonacci level and turned the 1month MA50 into Support again, the question on everyone's mind is how far can the market extend this rally.
Looking at its short history, all of Meta's rallies didn't stop before the 1month RSI entered the overbough (over 70.00) zone. And the RSI is currently at 61.88, considerably lower than this limit.
Of course it can be argued that this time the rally started after the 1month RSI rebounded from the oversold area, the first time in its history.
But technically, it appears that the market both technically and fundamentally has what it needs to keep investors interested and most likely won't correct substantially before testing at least the $385 All Time High.
Follow us, like the idea and leave a comment below!!
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