Chart of the Day: Here's When We'd Add Meta to the Portfolio
For now, we watching for a pullback.
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After a strong earnings move in early February, new Bullpen addition Meta Platforms META has continued its bullish move on pretty strong turnover and improved indicators.
A stock price that moves from the bottom left to the upper right, with higher highs and higher lows implies an uptrend is in tact. The question of course is where do you enter for a new position, and that of course can be tricky.
We see some support around the $480-$485 level, a recent test happened there last week, as buyers came in heavy to bring the stock back into the mid $520's. We often say that the best trends are very difficult to get on board.
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We are holding off adding Meta to the portfolio for now, preferring a pullback to start a position. We believe there is some really strong upside ahead but will wait for a better entry point. Earnings for the company will be out later this month.
At the time of publication TheStreet Pro Portfolio had no positions in any securities mentioned.
