META’s Next Move: Decoding GEX for Optimal Trades!Key Observations:
* Price Movement: META is trading at $631, showing consolidation near the Highest Positive NETGEX / Call Resistance level.
* Volume Insights: Moderate volume suggests balanced sentiment between buyers and sellers.
GEX Levels:
1. Resistance Levels:
* 638.5: Highest Positive NETGEX and a critical resistance level where significant call activity is concentrated.
* 645 (2nd Call Wall): A breakout above $638.5 could lead META to test $645.
* 650 (3rd Call Wall): Extended target in a bullish scenario.
2. Support Levels:
* 625: Immediate support; a breach could push META toward the lower levels.
* 620: Key Put Support, expected to provide a strong cushion.
Options Oscillator Insights:
* IVR (Implied Volatility Rank): 8.1 – Low implied volatility rank indicates that options are relatively inexpensive, suitable for buyers.
* IVx (Implied Volatility Average): 30.4% – Moderate volatility, reflecting potential price movement in the short term.
* Call %: 37.8% – Bullish sentiment, with calls slightly outweighing puts.
Trade Recommendations:
1. Bullish Setup:
* Trade: Buy META $640 Call expiring December 22, 2024.
* Target: $645–$650.
* Stop Loss: Below $625.
2. Bearish Setup:
* Trade: Buy META $620 Put expiring December 22, 2024.
* Target: $620 or lower.
* Stop Loss: Above $638.5.
Conclusion:
META is positioned at a critical juncture, with the GEX and Options Oscillator indicating potential for either a breakout above $638.5 or a pullback to test support at $625. Traders can leverage these levels for high-probability setups.
Disclaimer: This analysis is for informational purposes only. Always trade responsibly and consider your risk tolerance.