Meta
Bearish divergence on the hourly RSI..
Rising wedge here...
Look for price to retest 544 breakout in the coming week or whenever wedge breaks to the down side.
Best short entry IMO is either under 564
Or if price retest wedge resistance again.
As long as price is inside wedge they can keep grinding this higher 570-585
This the sector of Meta
XLC
Chart is identical to meta because meta is the biggest stock in the sector.
Outside weekly bbands and Daily money flow overbought. The sector is ripe for a correction
Rising wedge here...
Look for price to retest 544 breakout in the coming week or whenever wedge breaks to the down side.
Best short entry IMO is either under 564
Or if price retest wedge resistance again.
As long as price is inside wedge they can keep grinding this higher 570-585
This the sector of Meta
XLCChart is identical to meta because meta is the biggest stock in the sector.
Outside weekly bbands and Daily money flow overbought. The sector is ripe for a correction
Note
Price broke over trendline resistance friday on a late squeeze.
Price is now outside its weekly bollingerband.
One tool I like to use that has been reliable is the proce range tool.. You can see that Meta always corrects back to its 20sma after 8-9% extended from it. Meta is now 8% extended, a push up to 600$ price and that would make 9%.
Price can take between 5-10 trading session for the pullback to complete
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