Chart of the Day: Meta’s Amazing Move Has Stock Peering Toward the $800s
The best one-day move in years has the shares starting to re-gain some swagger.
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An amazing move up for Meta Platforms (META) on Monday puts the stock on a trajectory to hit all-time highs, which might come rather soon. The one-day rise of more than 11% helped Meta gain more than $100 billion in market capitalization.
You just don’t see moves like this happening without a catalyst, which Stephen Guilfoyle talks about here. Of course, an upgrade by a boutique firm helped a bit too, yet this move was astounding.
The stock gapped higher and just kept getting strong all session long. At some point the short sellers just said “uncle” and covered their positions, pushing the stock up even further (they were buying to close, heavy short position coming into the day). Volume was off the charts, very strong and added to some of the recent gains.
MACD remains on a buy signal from late August. The chart shows a series of higher highs and higher lows, that is a bullish trend. Exceeding the twin highs from April and July was huge; a few more days up and Meta will be in the $800s.
We like Meta Platforms in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
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At the time of publication, TheStreet Pro Portfolio was long META.
