Meta: Potential Downside Patterns
By:TradingView
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Meta Platforms has been quiet as volatility sweeps the market, but some traders may see evidence of growing weakness.
The first pattern on today’s chart is the weekly close of $639.77 on February 13. The social media giant has stayed above that level for most of the last month, but ended yesterday below it. Are dip buyers losing interest?
Second, the 50-day simple moving average (SMA) had a “death cross” below the 200-day SMA in December. The 50- and 100-day SMAs are also very close to each other. Those signals could mean the long-term trend has turned bearish, with potential for prices to move lower.
Turning to the shorter term, the 8-day exponential moving average (EMA) is below the 21-day EMA.
There are also lower highs over the long term (since August) and over the short term (since early February).
Next, Bollinger Band Width has narrowed. Does that price compression create potential for increased volatility?
Finally, META is an active underlier in the options market. (Its average daily volume of 414,500 contracts ranks 11th in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
The first pattern on today’s chart is the weekly close of $639.77 on February 13. The social media giant has stayed above that level for most of the last month, but ended yesterday below it. Are dip buyers losing interest?
Second, the 50-day simple moving average (SMA) had a “death cross” below the 200-day SMA in December. The 50- and 100-day SMAs are also very close to each other. Those signals could mean the long-term trend has turned bearish, with potential for prices to move lower.
Turning to the shorter term, the 8-day exponential moving average (EMA) is below the 21-day EMA.
There are also lower highs over the long term (since August) and over the short term (since early February).
Next, Bollinger Band Width has narrowed. Does that price compression create potential for increased volatility?
Finally, META is an active underlier in the options market. (Its average daily volume of 414,500 contracts ranks 11th in the S&P 500, according to TradeStation data.) That could help traders take positions with calls and puts.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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