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ContraryTrader
Jun 16, 2021 3:29 AM

FB (Short it) Short

Meta Platforms, Inc.NASDAQ

Description

Zoomed out to give a picture of FB YTD. Fonsolidated late last summer after a rally from the correction of 2020. Broke out of a symmetrical triangle this spring and rallied 15% since March. Now it has formed a rising wedge pattern which I think spells the end of its bullish momentum and starts the beginning of a new consolidation period.
Entry - drop below wedge support
TP -306


Breakout above 340 negates this trade.

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