Meta for Swing
Updated
Greetings, everyone. Today i am presenting my analysis of the daily chart for Meta, which leans predominantly towards a bearish outlook. This is substantiated by the formation of a lower high following the recent peak, coupled with the Relative Strength Index (RSI) signaling a bearish divergence.
Here’s a more sophisticated version of this trading idea-:
The level at 544 is presenting itself as a formidable resistance on the given chart. Should this support level be breached and the price secure a close below it, we can anticipate the subsequent targets materializing in the near future.
Alternatively We might observe a rebound from the stated support level, following which the price could encounter resistance along the descending trendline, resulting in another rejection. This scenario may lead to the formation of a lower high, subsequently increasing the likelihood of the aforementioned support breaking down entirely.
This perspective loses it's validity in the absence of a definitive rejection from the descending resistance level, coupled with the failure to establish a viable short-entry position.
Rest i will update idea accordingly, Hope you like my view.
Best Regards- Amit
Here’s a more sophisticated version of this trading idea-:
The level at 544 is presenting itself as a formidable resistance on the given chart. Should this support level be breached and the price secure a close below it, we can anticipate the subsequent targets materializing in the near future.
Alternatively We might observe a rebound from the stated support level, following which the price could encounter resistance along the descending trendline, resulting in another rejection. This scenario may lead to the formation of a lower high, subsequently increasing the likelihood of the aforementioned support breaking down entirely.
This perspective loses it's validity in the absence of a definitive rejection from the descending resistance level, coupled with the failure to establish a viable short-entry position.
Rest i will update idea accordingly, Hope you like my view.
Best Regards- Amit
Order cancelled
The support below was not broken and there was no rejection from the upper resistance because only one candle broke the resistance line and also closed above it, so I did not get any entry to make any kind of short position, but I hope that soon I will be able to share some good trading idea with all of you on Meta, friends, although I did not face any problem in waiting to do this trade because I want to do any trade with maturity, if there is something worth sharing then I will write it in the notes below.
Fresh Outlook hopefully for next publication-:
This publication is closed completely but sharing a fresh outlook hopefully any mate can get help from it
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