META
Meta Stock Prediction: A Bearish Outlook
Many are betting on the stock's rise, but I completely expect the opposite. Let me explain why. The stock is forming a dangerous divergence on the weekly chart with both the MACD and RSI indicators.
Secondly, the stock was in a clear upward channel from August 2024 to November 2024, as shown. It then formed a downward trend between the sessions of October 7 and October 30, 2024, as illustrated. Today, the stock broke through this trend with significant force. The stock had tested the trend at the beginning of the week, and today it broke the downward channel with a strong bearish candle.
Not only that, but the $602 level, which is its highest peak, coincides with a Fibonacci retracement level of 1.618 between the numbers shown ($603 and $602). Therefore, we expect $602 to be the peak for 2024.
We recommend entering a short position from this level to capture a significant swing. Our initial target is $493, then $415, followed by $380, and finally $297. The stop loss should be set above $603.
Good luck to everyone!
Many are betting on the stock's rise, but I completely expect the opposite. Let me explain why. The stock is forming a dangerous divergence on the weekly chart with both the MACD and RSI indicators.
Secondly, the stock was in a clear upward channel from August 2024 to November 2024, as shown. It then formed a downward trend between the sessions of October 7 and October 30, 2024, as illustrated. Today, the stock broke through this trend with significant force. The stock had tested the trend at the beginning of the week, and today it broke the downward channel with a strong bearish candle.
Not only that, but the $602 level, which is its highest peak, coincides with a Fibonacci retracement level of 1.618 between the numbers shown ($603 and $602). Therefore, we expect $602 to be the peak for 2024.
We recommend entering a short position from this level to capture a significant swing. Our initial target is $493, then $415, followed by $380, and finally $297. The stop loss should be set above $603.
Good luck to everyone!
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