META Holds Bullish Ground Above Support at $714.0#META dipped to a high volume area at $720.8, while critical support stands tall at $714.0. The market is bullish above this level, with the next target at $748.8.
Metaforecast
META at Trendline Support - Will Buyers Push Toward $696?NASDAQ:META is currently undergoing a corrective phase following a sharp rejection at the upper boundary of its ascending channel. The recent pullback has driven the price back toward the lower boundary of the channel, where buyers are now looking to step in.
If buyers manage to defend this support level, we could see a move toward the midline of the channel, with the next key target at $696. A break above this midline would confirm the continuation of the bullish trend, potentially bringing the price back toward the upper boundary.
However, a failure to hold trendline support could weaken the bullish outlook, leading to a potential breakdown and further downside pressure. Price action near this critical zone will be key in determining the next directional move.
Traders should monitor candlestick formations and volume for confirmation. As always, managing risk effectively is essential when trading this setup.
If you have any thoughts on this setup or additional insights, drop them in the comments!
Meta: Further DownwardWe locate the META in a broader wave IV correction, which should unfold in a three-part - - structure. The current wave should push the price below the key support at $547.57. Once that level is broken, we anticipate a corrective rebound during wave , which should temporarily lift the price back above $547.57. The wave top should be followed by wave , which is expected to complete the overall correction with a final low inside the beige Target Zone between $491.53 and $414.50. This bottom should mark the end of wave IV. However, if the stock instead breaks out to the upside and overcomes the resistance at $740.91, we will have to expect a new high in wave alt.III before wave IV resumes its downward course (30% probability).
META I Potential Long Opportunity Welcome back! Let me know your thoughts in the comments!
** META Analysis - Listen to video!
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Thanks for your continued support!Welcome back! Let me know your thoughts in the comments!
Meta: Breakout!META has successfully broken out of its previous consolidation, extending a powerful uptrend. This nearly “correction-free” rally has once again pushed the stock to new record highs, which aligns perfectly with our primary expectation of further gains during the larger green wave . However, given the extent of this advance, META remains vulnerable to pullbacks. Thus, we assign a 33% probability to an immediate transition into a wave alt. correction, which would be triggered by a drop below the $547.57 support.
META - Short Term ReversalMETA has encountered a short term trend line that was previously a support line but now is being tested as resistance
this is a good opportunity for price to be rejected and recovery a bit lower
I have shown this lower recovery with the bars pattern tool.
This would be sort of a scuffed inverted head and shoulders if the price falls down a little.
Buy META in the Purple BoxMETA went on a tear but will retrace into the purple box imo where I will buy.
META Daily TA Neutral BearishMETAUSD daily guidance is neutral with a bearish bias. Recommended ratio: 45% META, 55% Cash.
* BOUNCE WATCH . Equities, Equity Futures, Commodities, Cryptos, CNYUSD, JPYUSD, GBPUSD, EURUSD and US Treasuries are up. DXY and VIX are down. META has now fallen 77% from its ATH in September 2021 after posting two consecutive quarters of revenue declines and is projecting another a decline in Q4. Their Reality Labs division which works on their virtual reality + metaverse projects has lost almost $10b this year . Their operating margin is also shrinking as cost and expenses rose 19% YOY. People are getting fearful and smart money might be getting greedy. Though premature to say that META has found a bottom, it's looking like it's found a good spot for an impulse bounce. The Employment Situation today showed that nonfarm payroll employment increased by 261k and the unemployment rate jumped from 3.5% to 3.7% . Key Upcoming Dates: US October CPI at 830am EST 11/10; UofM November Consumer Sentiment Survey at 10am EST 11/11; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently testing $89 support which coincides with the descending trendline from June 2017. Volume is currently Moderate (high) and has been shrinking for five consecutive sessions and is on track to favor sellers for a third consecutive session if it closes today's session in the red. Parabolic SAR flips bullish at $127, this margin is bullish at the moment. RSI is currently trending up at 24.5 as it continues to technically test 26.51 support which coincides with the uptrend line from July 2012 as support as well. Stochastic remains bearish and is currently trending down slightly at 2.72 as it approaches a test of max bottom. MACD remains bearish and is beginning to form a trough as it tests -13.77 support. ADX is currently trending up slightly at 42 with no sign of peak formation as Price continues to fall, this is bearish.
If Price is able to bounce here then it will likely test $107.28 resistance and potentially attempt to fill the gap from 10/26/22 (~$128) when Price fell ~20% on earnings day. However, if Price continues to break down here, it will likely test $74 support . Mental Stop Loss: (two consecutive closes above) $90.
