Stock of the day: Meta

By Tomasz Wisniewski|

Published: September 05 2022, 07:27 GMT+0

Stock of the day: Meta

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Markets in the US are closed today due to Labor Day, but that doesn’t mean we can’t scan the stock list, and look for promising setups for tomorrow and later this week. I think Meta could be a big mover this week because it’s technically getting ready for a big breakout.

Meta has been locked inside of a sideways trend since June, but one which is close to the mid-term lows. We have a key support on the 155 USD (orange) and a resistance on the 185 USD (yellow). We also have a long-term down trendline (black), which could also be considered an upper line of the descending triangle. As you can see, we have quite a few technical elements here. So ok, how would one trade it?

I think it’s all about the two horizontal levels (155 and 185). The price breaking the lower line would be a proper sell signal and the price breaking the upper area would be a buy signal. In any case, we have to wait and see because when the price is inside of a tight range, it’s not the best price action strategy. In my opinion, a breakout to the downside sounds slightly more probable.

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