Chart of the Day: Time to Add Shares of This Mega-Cap Holding
For the third time, this stock is trying to break out and this could be the moment.
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Meta Platforms META is a newer name to TheStreet Pro portfolio earlier this month. It had been in the bullpen under our watchful eye but the opportunity to buy on August 5, 2024 seemed very compelling that we added a position. Of course, as long-term investors, that means we see a much bigger gain down the road for this mega-cap name. The charts and fundamentals are in agreement.
The stock seems to find heavy resistance at a ceiling around the $540 to $550 area. But the more times that the ceiling is hammered, the weaker it becomes. And eventually, enough volume and energy will help guide the stock through to new highs.
As it stands, the indicators are on strong buy signals. Note the money flow at the bottom of the chart: this just went past the zero line. That is the first time that's happened since early July, the last time Meta was challenging those new highs.
MACD is on a buy signal here and the chop indicator is heading down, meaning the stock is starting to trend. The candles are blue (bullish), so that means the stock is trending higher. Time to add shares here — if that old high is exceeded, we see Meta moving to $600 or better in short order.
We rate Meta a two in TheStreet Pro portfolio, stockpile on pullbacks.
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At the time of publication, TheStreet Pro Portfolio was long META.
