Here’s your trade on $META – June 26, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a quick look at Meta Platforms ( NASDAQ: META ).
Meta ( NASDAQ: META ) has been on Dan Fitzpatrick’s Active Trade List for a while. I want to bring it to your attention because there’s a pretty interesting pattern that I see on this chart right now. I believe it has a little bit of a cup and handle pattern.
It’s not a perfect cup and handle, but we can see a rounded bottom where price gapped down after earnings. It recovered back above all the major moving averages and has come back into a bit of a cluster zone from where it was over here in March and April.
We have price coming back to a previous resistance zone and just recently it’s broken out of a slight handle pattern, right there. We have a cup, a handle, and a pretty good move here, coming on just okay volume.
Now, the breadth of the market hasn’t been great. The volume lately hasn’t been great, but this looks like an actionable idea, with a stop right around that 21-day exponential period moving average, which is around that 495.00 level.
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