benjihyam

$META to bounce back to $261?

Long
benjihyam Updated   
NASDAQ:META   Meta Platforms
While everyone has now turned bearish on the stock market, I think we should now see a large bounce higher in many stocks.

For $Meta specifically, price bounced off of my support line and now looks to be squeezing higher.

The first key level price needs to make it over is $180. If we can make it over that level, then I think price will likely test the $219 level as resistance. It'll probably take a couple of tries to break that level, but I see price eventually breaking through it and heading to the $261 level which should be the final resistance before price falls lower.

I'm looking at a trade from my entry at $162 up to the $200+ level (ideally up to the $261 resistance). I've added some key pivot points to look for changes in price action.

Let's see how it plays out over the coming months.
Comment:
I'm out of this trade on the rejection of $180. There's the possibility that earnings could bring it down to $140 before it bounces, so don't want to take the risk of that.

Still think the idea will play out over the longer term, but want a better entry if this plays out.
Comment:
Went long again at $160

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