Wednesday, 25 September 2024
Time Published: 20h13
Formerly known as Facebook Inc.
Solid Swing ($522 to $576)
Short term/active trader would be looking to take profit.
To trade global instruments, you will need an offshore account.
Previous Post: 12 September
Real-Time: 19h12 (South African Time) / U.S Trading Session
Ticker: FB
Formerly known as Facebook Inc, the share has shown relative strength, holding near it's multi-year highs however not having made much progress since the first quarter of this year.
This could change as the price looks to re-test it's overhead resistance of $543 upon which strong price action/candle structure would suggest a move into a new trading range and a continuation of the multi-year upward trend.
Here, an upside target of $672 applicable, with the setup being invalidated on a weekly close below $490.
Note: Meta Platforms (Facebook) was an idea flagged through my model nearly 2 years ago at $90. Now trading above $522!
Lester Davids
Analyst: Unum Capital
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