Chart of the Day: Meta Rests Before an Imminent Move
The longer this goes sideways the more energy builds for a breakout move whenever that happens.
You've reached your free article limit
You've read 0 of 1 free Pro articles.
Since we last discussed Meta Platforms META, the stock has settled into a range, a gentle move lower that shows this TheStreet Pro Portfolio holding building a nice base in a higher range. The stock remains bullish. Notice the teal color of the candles, which reflect a cautiously bullish stance.
Yet, even as the price action is tepidly bullish, the supporting indicators are not overwhelmingly bullish, rather they are on the cusp of a breakout. Momentum, where we look at the stochastics for answers, is turning upward (pane 4).
The MACD (moving average convergence/divergence), which tells us changes in trajectory before they happen, needs a few more sessions to give us a buy signal crossover (with confirmation). Money flow is still bearish (bottom pane) but improving.
All in all, the stock should build a longer base here and when the time comes for an explosion higher, the base should provide all the support needed for big institutional sponsorship (buying).
We rate Meta Platforms a Two in TheStreet Pro portfolio, or "stockpile on pullbacks." Indeed, this might be an ideal time to add more shares while the stock is resting.
More Pro Portfolio:
- Buying More Stock of This Semi-Cap Equipment Position
- Weekly Roundup: Is the Market Setting Up for an April Repeat?
- The AI Conundrum, Cyber Threats, and Our Digital World: More News on Our Strategies
At the time of publication, TheStreet Pro Portfolio was long META.
