Mission Rejected at Mt. Everest -Bullish Market Structure Intact
META
Update - Bullish Outlook - October 15, 2023 Opening Summary: Bullish breakout stalled at a key resistance level.
Market Structure:
- Currently in Markup, signaling bullish trend continuation.
Key Price Levels:
- Support: $300, $304.79, $309.32, $311.7
- Resistance: $325.88, $328.79, $334.79, $340.56, $353.36
Chart Patterns:
- Day: 2-2-2d reversal
- Week: 3-2-2u continuation, bullish flag breakout, inverse hammer
- Month: 2-1-2u reversal, bullish flag pattern
- Quarter: 2-2-2u continuation
Volume Analysis:
- Day: Bearish volume confirms the 2-2-2d reversal.
- Week: Bullish volume supports the 3-2-2u continuation.
- Month: Volume data not conclusive.
- Quarter: Bullish volume strengthens the quarterly 2-2-2u pattern.
Overall Outlook:
- If bearish sentiment continues, a retracement to $300 PL is likely.
Note:
- Back-testing shows an inverse hammer typically leads to a gap up or gap down.
Tracking chart Setups like meteorologist track Storms.