Not Much of a Bounce in Meta
The stock market has bounced sharply in the past month, but Meta Platforms hasn’t followed.
The main pattern on today’s chart is the steady succession of lower highs. While the Nasdaq-100 behaved similarly in April, May and early June, the index broke its downtrend by making higher highs in the last two months.
META, in contrast, hit $183.10 before rolling over a week ago. The most recent peak was $0.75 less than its July 21 zenith. In other words, the social-media giant has continued to make lower highs: a key element of a downtrend.
Next, you have the 50-day simple moving average (SMA). It was resistance in April, May and mid-July. Prices have recently managed to return above this line. A move back below may draw bears from the sidelines.
Finally, the stochastics indicator is edging down from an overbought condition.
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TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The main pattern on today’s chart is the steady succession of lower highs. While the Nasdaq-100 behaved similarly in April, May and early June, the index broke its downtrend by making higher highs in the last two months.
META, in contrast, hit $183.10 before rolling over a week ago. The most recent peak was $0.75 less than its July 21 zenith. In other words, the social-media giant has continued to make lower highs: a key element of a downtrend.
Next, you have the 50-day simple moving average (SMA). It was resistance in April, May and mid-July. Prices have recently managed to return above this line. A move back below may draw bears from the sidelines.
Finally, the stochastics indicator is edging down from an overbought condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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