Meta May Have More Upside

Meta Platforms has moved sideways since the summer, but traders may now expect more upside.

The first pattern on today’s chart is the 50-day simple moving average (SMA), which META broke as it started rallying a year ago. Prices remained above the SMA through August, followed by a period of consolidation on either side of it through late October. The social media stock then climbed back above the 50-day SMA and is now trying to find support at it.

That price action may suggest the intermediate-term trend was bullish, then neutral, and is now getting bullish again.

Second, the current bounce is happening near a 50 percent retracement of the move between the October 26 close and the peak on November 22. That may confirm the most recent surge was the start of a new directional move.

Third, stochastics are rebounding from an oversold condition.

Finally, higher weekly lows since mid-August could indicate the presence of a longer-term uptrend.

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