Is this a breakaway gap for $META? – February 3, 2023
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I was getting ready to do Meta ( NASDAQ: META ) and tell you that as long as the stock stayed above 180.00 this is probably okay. It sounds really weird to say because the stock is up so much.
But as I look at this, we’ve seen these breakaway gaps on some stocks. Where generally not something that is this much of a mega-cap stock, but it is almost like Meta ( NASDAQ: META ) is a new company just because they are getting rid of the “sucky welding goggles” as a big part of what they are doing. They are kind of being more efficient now so we could see this thing continue to move.
I will tell you this, I am thinking like a fund manager if Meta ( NASDAQ: META ) pulls back any appreciable distance I would want to be buying that stock. And because I think a lot of large traders and money managers feel that way, that is why it is probably not going to pull back.
Then I see Tesla ( NASDAQ: TSLA ). And the news showed that it turns out that a jury found Musk not liable for his, “I am considering selling the company at 420, funding secured” tweet. I haven’t looked into the thing at all, it doesn’t really concern me. You could see exactly what happened to the stock, and this was after hours.
As soon as that news comes out this stock pops another 2 percent. Now it is just kind of floating around here. My bet is, after such a long weekend there are a lot of traders that are saying, screw it, I’ll just deal with this thing on Monday.
And so my suggestion is this, the high of the day today is 199.00, so very close, obviously, to 200.00. If this stock manages to crack 200.00 my bet is, it is just going to continue to move because it has had a heck of a move lower.
I own some Tesla ( NASDAQ: TSLA ) shares. I acknowledge that it is kind of a little bit late in this move, this is, again, a weekly chart, But when you look at the daily chart and then you look at the frothiness of just the market in general, I could certainly see this thing running up another 10 percent to 220.00 before it finds some serious supply.
But again, that is assuming, and it is a big ask, assuming that the stock first breaks out above 200.00. Just to say it is 193.22, and it’s going to 210.00. Well, that very well be the case but why don’t we just handle 200.00 first, okay?
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