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David_Scott

FB weekly trend reversal and breakout of downtrend channel

Long
Meta Platforms (NASDAQ:META)  
David_Scott Updated   
NASDAQ:META   Meta Platforms
Beyond Technical Analysis Technical Indicators Trend Analysis Facebook (FB) facebook Bullish Patterns breakout breakouttrading breakoutsignal breakouttrade
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META Fadcebook has broken out of it's daily and weekly downtrend channel at long last. It's building sizable bullish momentum for a rebound at least up to 165. However I suspect that because it is so oversold and the markets at large are currently so oversold (even on weekly levels) globally that we're going to see a sizable rally / short squeeze within the next few days. I expect a +22% move possibly more if the rest of the market can maintain some bullish momentum.
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Since August RSI 50 has been resistance on the Daily. Today we've broken above. Shorter time-frames starting to get close to overbought but we should be just moments away from FB rallying hard.

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