Stock of the day: Meta

By Tomasz Wisniewski|

Published: October 10 2022, 08:57 GMT+0

Stock of the day: Meta

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Markets in the US aren’t open today but that doesn’t mean we’re coming up empty handed today. We’re taking a look at Meta, which we’d previously mentioned on our portal in the middle of September. Back then, we were bearish saying:

“As you may have expected, that was in fact the outcome, and the price did go lower. The breakout happened on Tuesday, thanks to CPI data from the US which killed the mood on stocks. Yesterday, Meta tried to come back above the 155 resistance, but the attempt was unsuccessful. This confirms the bearish sentiment and a proper sell signal.”

That worked out pretty well because the price dropped almost immediately trading at new, long-term lows. Most recently, Meta created a small rectangle and on Friday finished it off with a breakout to the downside, which is another confirmation of the negative sentiment here. We are really low so is it a good place to buy?

No.

Our view is still negative, there are no signs from a price action point of view that a reversal is about to happen. As long as we stay below the green down trendline and the grey horizontal resistance, the sell signal is ON. Only if the price rises above those two would we have a buy signal, but that does not look very likely at the moment.

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