META trade ideas
🎯 Trade Idea for $META:🎯 Trade Idea for NASDAQ:META :
With a strong rebound off the 9 day EMA 📈, wedge breakout 🔓, confirmed by the candle 🕯️, plus a 2-2-2u reversal in play on both daily and weekly charts 🔄.
📲 Calls to consider over $240.26.
🎯 Target prices at $241.75, $244.92.
📉 Puts to consider under $235.33.
🔻 Target down to $231.55.
Correction to $180 zone After completing an institutional buying module, which started since June 2022 and since we have closed a large segment that started since April 2022, I think it is very likely that a correction will start that will take us in a few weeks to the $180 price zone.
An entry below $230 with a stop at $245 which gives us a risk of 6.88% and with a possible profit run to $187 with a return of 18.6% is an r/r ratio position of 2.7, not bad.
META Update: Finishing Wave ((1)) of VMeta has made it to my target box for its wave ((1)). However, due to the MACD I still believe we have OMH to make before heading lower in wave ((2)). It's not required as this count can be considered complete. Either way, at this point you are trading for scraps and exposing yourself to a potentially big loss. The first drop of wave 2 is the A-wave which usually happens very fast and with little notice. I expect this wave ((2)) to take us to the 0.618-0.786 in the low 100's.
Bonam Fortunam,
--Tyler
META SHORTI have 4 reasons we I am taking a short position on META:
- The timeframe I am using is Weekly, so the first indicator is the Moving Average of 200 days. As you can see on a chart we are trading right at 200 days MA line, we had our FED meeting, CPI numbers, and Earnings Report. There is really nothing left to move the stock up at this point. All the major companies are already reported their earnings so it is going to be hard to push up at this point. So first major resistance is 200 day MA line.
- RSI is also above 70 as of right now, remember I am using a weekly chart. Above 70 means it is telling us the stock is at the overbought level and it needs to cool down.
- MACD is also trading at an extremely high level above 20, it is rare to see a chart, especially on a weekly timeframe that is trading above 20 on the MACD level.
- Last reason is Fib Retracement because I am using a weekly chart I used retracement from an all-time high to a recent low. At this moment Meta is trading around 0.5 and facing resistance.
There you have it we have RSI, MACD, Fib Retracement, and 200-day MA indicating that there might be a big short movement coming up.