Facebook (
META
) is evoluting in a long term bullish trend, but currently it is consolidating between 126.70 and 131$.
On that situation, a short position is definitely to ban.
But is today the right moment to initiate a long position ?
The support à 126.70$ corresponds to 0.5 retracement of the last upper move (end Aug - beg Sept), it is not enough. It could quite probably be broken in the few next days, as the RSI is currently breaking its neutrality zone.
If you wait for a breakdown of the 126.70$ support, you could benefit from the 122.50$ big support to take long position :
- previous support during august
- 38.2% retracement of the last upper wave which started from the Major support.
- Reinforced by the ascending trendline support
So you should probably wait for 124$ (before or after a bounce at the 122.50 support) to enter bull on
META
.
META
) is evoluting in a long term bullish trend, but currently it is consolidating between 126.70 and 131$. On that situation, a short position is definitely to ban.
But is today the right moment to initiate a long position ?
The support à 126.70$ corresponds to 0.5 retracement of the last upper move (end Aug - beg Sept), it is not enough. It could quite probably be broken in the few next days, as the RSI is currently breaking its neutrality zone.
If you wait for a breakdown of the 126.70$ support, you could benefit from the 122.50$ big support to take long position :
- previous support during august
- 38.2% retracement of the last upper wave which started from the Major support.
- Reinforced by the ascending trendline support
So you should probably wait for 124$ (before or after a bounce at the 122.50 support) to enter bull on
META
.