META can turn bearish if it fails to break this Channel.Our previous call on Meta Platforms (META) was on July 26 (see chart below), almost 4 months ago when we gave a strong long-term buy signal on the 1D MA200 (orange trend-line):
Despite the excellent timing of the call, we has seen in the past 30 days that the price action has diverged from the model and the current Bullish Leg of the Channel Up isn't as strong as the previous two inside a 2 year span that each rose by +95%.
The price has instead turned sideways, mimicking the price action of the two Accumulation Phases that emerged after each of the Bullish Legs topped. The 1D RSI being on a Bearish Divergence (Channel Down already) technically agrees with that, so if you followed our July buy call, it might be best to book the handsome profit now and wait.
What to wait for? Well it all depends on a new pattern that has emerged, a Diverging Channel Up (dashed trend-lines). As long as the price is trading inside it, there is greater probability to give us a lower buy entry near the 1D MA200 (orange trend-line) again. In that case we will take it and target the top of the Diverging Channel Up at $660.
In the event that the price breaks above the Diverging Channel Up, we will buy the bullish break-out and pursuit the previous $800 Target as that would mean that the original 2-year Channel Up remains the underlying pattern dictating the long-term movement of the stock.
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