META still in bearish channel

META has rallied since the earnings of late October, but is still in a long-term bearish channel.

It has retraced 78.6% of the the gap (down) made the day of its Earnings report.

I can picture the stock rallying to $130, but not much farther, and then being smacked down around mid-to-late December.

Comment:

I bought one Dec23'22 114p at $2.44 today.

Trade closed manually:

I got wrecked on that Put (I'm updating this way too late).

I think that currently, this is a false breakout from the Bearish channel.

I'm still bearish. I am currently of the mind that the February earnings are going to be TERRIBLE.