Change in Direction for META? Hello traders,
After reviewing the overall market and running some technicals on META, I think we're due for a bit of downside towards the midpoint in this parallel channel around 637.40.
But why?
Well, TikTok is back as we all know and that joke of a ban only added growth to the companies platform. That's the headline for this one. Next up, we have technical analysis.
On the 4H chart, RSI has topped off and MACD started to turn. Normally, the MACD being above the zero line would not be reason enough, but seeing the candles outside the Bollinger Band has made me think otherwise.
The Bollinger Bands have a set law that the price MUST come back into the zone. It has no set path, but it has to enter back into the zone, giving us a small range of price action, usually down or sideways, to enter back in the zone. (I have my BB set to 100day MA)
Let's see what happens in the next upcoming 2-3 weeks and also keep an eye on the premium cost for the options in relevance to what target price we have.
Thanks for reading.
