nmike

FB weekly

Short
BATS:META   Meta Platforms, Inc
At 1, the RSI (7) was falling and a consolidation pattern broke to the downside. At 2 the RSI was rising and forming a positive divergence, the tall green candle was the confirmed long signal.The trend continued up and a consolidation continuation pattern formed at point 3 and price stayed above the 10MA. At 4, the RSI was overbought and formed a negative divergence at the same time that a consolidation pattern similar to the one at point 1 had formed, that was a signal to take profit. Price is now below the 10MA and just below resistance. If price can close back above it, it is likely that FB will move back to previous high near term.

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