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The full target of $672 was reached earlier this week and the share traded above $700 post earnings.
I was curious to know what the price action model for Meta Platforms stated ...
Overbought + Very Bullish, But .... 'Sellers Becoming Active...'
I'm NOT suggesting an immediate drop in price or that this is the exact top....but rather the potential for the formation a topping structure or slowdown in upward momentum over the next 3 to 5 months. i.e. the current levels offer a poor buy/long reward-to-risk going forward.
META chart as of Friday's close
Previous Post: The full, measured move target has been of $672 has been reached (closed higher at $674). this represents a gain of 28% in 4 1/2 months. Bank, Take Profit.
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! (Edit: This week (End Jan 2025), it traded above $700!
Lester Davids
Analyst: Unum Capital
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