Like many of the other tech stocks META looks extended here.
I could see one more move up into the $350 region, and if it hits there, I think that sets up a good short opportunity.
Lots of people saying we're starting a new bull trend, but what makes me think that's not true?
In a bull trend, you see a slow rise up, not a 300% bounce in a year. That indicates to me that this move has been corrective and not impulsive.
I think we're nearing a top and once we hit it, I think it'll be a fast decline down to the $81 target on the chart.
I'll be playing this move through options w/ expiry into late 2024/early 2025
I could see one more move up into the $350 region, and if it hits there, I think that sets up a good short opportunity.
Lots of people saying we're starting a new bull trend, but what makes me think that's not true?
In a bull trend, you see a slow rise up, not a 300% bounce in a year. That indicates to me that this move has been corrective and not impulsive.
I think we're nearing a top and once we hit it, I think it'll be a fast decline down to the $81 target on the chart.
I'll be playing this move through options w/ expiry into late 2024/early 2025
Comment:
So far, looking good. I've started buying puts on meta