Facebook / META / Whatever - considerably oversoldOn the above 2-day chart price action has corrected a massive 50%. A number of reasons now exist to be bullish.
1) The ‘incredible buy’ signal prints. i.e. 95% probability of upside from here on.
2) That green line. The annual moving average without weekends. Regardless of the stock, anytime price action is way below here price action is a steal.
3) PE ratio: 13!
On my AMD ‘short’ idea there are comments defending a PE ratio north of 200. Utterly deluded.
4) MFI resistance breakout (bottom oscillator). The money flow index is printing a break of resistance active since early 2021. Those breaks of resistance are remarkable at indicating when dumb money capitulates.
6) Regular bullish divergence. 10 Oscillators are currently printing bullish divergence.
6) A great many ideas currently published on TradingView are ‘short’. Remember, approximately 90-95% of traders will lose money in this business. Come and join us here in club 5%.
Is it possible price action falls further? Sure. $170 could be the floor as derived from golden ratios.
Is it probable? 5% technically speaking.
Good luck!
WW
