Meta Platforms (META) is on a strong January monthly candle (chart on the right) having closed in December two straight green months for the first time since August 2021, which was its All Time High. This alone is a huge bullish development, which along with the 1M RSI being on an Inverse Head and Shoulders pattern (IH&S), it can start staging its long-term bullish reversal.
On the more medium-term 1D time-frame (chart on the left), Meta also made a significant bullish development, as yesterday it clearly broke (but failed to close) above the 1D MA100 (green trend-line), for the first time in one whole year (since December 30 2021). Having turned the 1D MA50 (blue trend-line) into a Support this last month (since December 12), if it manages to close a daily candle above the 1D MA100, the stock's next aim would be the 1D MA200 (orange trend-line).
The 1W RSI also had a major bullish break-out as it broken above a Resistance Zone holding since August 15, that previously had rejected the price a total of three times (Triple Top). In our view we can claim that Meta has a sustainable bullish reversal only if it breaks above the 1D MA200.
Nope. Never forget the fundamentals...this turd will drop like a meteor after 4Q earnings.
heavy_assault
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@Imdmagic1, i haven't been following fb. isn't it all because of mark's decisions? he can turn this company around if he does what wallstreet wants him to do. this stock is extremely cheap too, based on trailing numbers.
Imdmagic1
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@heavy_assault, …technically, yes? But that would require him admitting that the metaverse isn’t going anywhere for a decade, that he was wrong, and that META won’t lead this revolution. He will never admit any such thing…and his core business is collapsing.