Meta Re-Enters Uptrend
Meta experienced a rapid rise and fall during August. After recently retesting its Daily 55 EMA, it has re-entered an uptrend as defined by the stacked moving averages.
Traders looking to gain long exposure to tech, communications, or even Meta itself will likely find the $520-$525 range as a decent area to enter.
The trade becomes invalid if Meta breaks its 55 EMA, which also coincides with the $500 psychological level. First target is near its all time highs at $542. This opportunity presents a trader with an initial r multiple of roughly 1, with the potential for further upside gains.
Traders looking to gain long exposure to tech, communications, or even Meta itself will likely find the $520-$525 range as a decent area to enter.
The trade becomes invalid if Meta breaks its 55 EMA, which also coincides with the $500 psychological level. First target is near its all time highs at $542. This opportunity presents a trader with an initial r multiple of roughly 1, with the potential for further upside gains.
Note
Target 1 at $542 was hit shortly after the 9/17 open. This provides traders an opportunity to take off half the position for profits and move stops to breakeven (initial entry).
Leaving the remaining half at breakeven allows traders to capture potential further upside in the event META experiences more follow-through in accordance with its uptrend.
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