Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.
Have a stock YOU want us to review? Email my team here. – Mark
Hey Traders,
The big news in Meta Platforms (Ticker: META) is that they have created an alternative or a competitor to Twitter.
It’s called Threads and it is built on top of Instagram so it is automatically linked to those accounts and you have to have an Instagram account to have a Threads account.
It has 30 million sign ups in its first sixteen hours.
According to CNBC, “Threads represents Meta’s attempt to capture the wave of users who have left Twitter amid the often unpredictable ownership of Elon Musk.”
Hmm, not sure how we get some good dialogue going if each side is on its own platform.
On to the chart …
META is very close to closing a very large gap down created back on February 2nd of $69.
It looks like it was spurred by the earnings report and META proceeded to collapse from $328 down to $88 by November.
After bottoming, it has since rallied, pretty much straight up, to its current recent high of $298.
According to my pitchfork, META is halfway to its predicted high of $475:
Once META trades $300, watch those daily candles for a change in trend signaling a pullback.
The 50 day moving average comes in right around $260, which could be a good support area.
On the upside there will be resistance at $318 and $355.
Thanks for Reading,
Licia Leslie