META was it high for 2023?META has been experiencing significant upward momentum over the past six months. However, it's important to note that this move is not supported by the financial report and may be driven by factors such as stock buybacks and the AI market hype.
The stock is currently in a large upward channel and has formed a rising wedge pattern within it. If the price breaks below the blue dotted line, it would trigger a short position. To manage risk, a stop-loss order can be placed just above the recent high.
The relative strength index (RSI) is displaying extremely bearish divergences, indicating that the buying pressure may be diminishing and the upward move could be coming to an end. Furthermore, the moving average convergence divergence (MACD) is suggesting a lack of momentum and a potential decline in price.
The first target would be a lower trend line from the channel and if that is broken than we will see 200 days MA again!!!
Always trade with stop loss because trading involves dealing with odds and probabilities.
