The ride for shareholders of Meta Platforms, Inc. (FB), parent company of Facebook, has been nothing short of emotional over the past few months.
The stock had a crazy selloff based on earnings back in February.
And with the next earnings report in just a few weeks from now, I’m going to break down the technicals.
Testing Meaningful Support
Price bottomed right around $185.00 in mid-March and is slowly rebounding. It appears that it’s made an impulse and we’re in the midst of a correction.
The support structure around $212.00 seems to be holding. If it does, we could anticipate price to test the $245.00 area over the coming weeks.
If price action from this point fails and settles below the support around $212.00 by a 1%+ weekly confirmation, that would then put $175.00 back in play in a few weeks.
We’re looking for confirmation of either a reversal or a breakdown. The reversal would be confirmed by a counter trendline or short-term channel break.
I anticipate in the coming days or weeks that we could potentially have a trade opportunity manifest itself on FB.
I’ll be keeping a close eye on this and update you as needed.
Join the Alliance
While this is not an official idea, this is the way I set up all my positions for my premium portfolio building service, Rapid Wealth Alliance.
If you’re interested in learning more about how I set up my entries and find confirmation, I definitely recommend checking it out.
For those of you who are looking to trade, however, that’s not what this service is about. It’s more about finding great companies with great long-term upside potential.
With that in mind, I invite you to join us at Rapid Wealth Alliance to view our model portfolio and join in on our live weekly training sessions!
Rules to Live By
“Success is not how high you have climbed, but how you make a positive difference to the world.” Roy T. Bennett
Until next time, I wish you a beautiful and blessed day!
Yours In Trading Success,
Anthony Speciale Jr.