Here’s your Phase II move on $META – October 12, 2023
This is Dan Fitzpatrick with FITZ IN FIVE. We are going to do a follow-up here on Meta ( NASDAQ: META ). This has been a good trade for us, I sense that this is a good time to be taking some profits.
We got in on the low entry at 303.84, a disciplined entry with my squeeze tactics. But now the stock, just today, looks like it is reversing a little bit, it’s not a big deal at all. It did open up just very, very slightly, it traded up to a new intraday high, as this has been doing for the last week or so.
A higher intraday day high here for 2, 3, 4, 5 days, intraday lows still certainly working. This is actually at or right above the upper Bollinger Bands, so don’t get the wrong idea. There is really nothing wrong with this stock. The reason that I’m suggesting that you take some profits is because it has been a good trade.
What I would not be doing, though is, I just wouldn’t be buying any more right now. So let’s see what the chart looks like. You can see this is a, really nice volatility squeeze here, and a nice breakout along the 50-day moving average. On a weekly chart, I look at this, and this is a nice healthy consolidation here.
I am not looking at this saying, gosh, I am sure this stock is going to break out and just keep running here. I’ve seen that before, but not too many times. For the most part, when a stock is in this situation you will tend to see some backing and filling a little bit. That is what I am looking at this on.
I think that this stock is ultimately going to move higher. But for now, for right here, right now, I would not be buying this stock. I have taken significant profits on this stock, actually, just today, and I am giving you an analysis of why. At some point you have to look at a trade and say, Do you know what, I think I’m happy.
And that is kind of when you wind up starting to take profits when you look at your trading results and you are happy with them. And then as you get better, you need to redefine what “happy” means to you.
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