Yesterday we had an incredible day trading NASDAQ:META with a 200% play up and 950% play down. Not your usual options trading day, but a calculated trade in both directions. Yesterdays pop drop and pop created alot of tension in an area already pent up. I do think we have a high probability of downside, but I am ready to take it long if triggers break.
Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share,...
At March 2020 low, wait for break above 136 and confirmation with break of channel 223 target by May 2023
Meta is in a poisition currently you don't want to be buying quite yet. There's further downside to flush out and CEO hasn't bought a single share on this downward turn. 130 lvl to buy is a great spot to start.
Ideal set of trendline support here. If it were to break we'd be visiting another 50% haircut where a bottom may be found around 88-90$ on the stock. Brutal to think about but it is possible. If it bounces here we could likely see 190-220 as major resistance on the upside. Overall bearish but remember this and NFLX got destroyed before any other tech tickers so...