Hello Traders!
Meta has broken down from its ascending trendline. This is bearish.
In addition price has formed a major Double Top pattern with Bearish Divergence.
Bearish Factors
1) Breakdown of ascending trendline
2) Double top
3) Bearish divergence
Two things need to happen if META is going to make a move higher...
1) Price needs to stay above "Support #1"
2) Price needs to break above the descending trendline (connecting the range highs)
IF price does breaks lower... where do we start looking for long positions?
- Support #2 is a great starting point, however if price makes it to support #2, then I could also see price trading down to fill the gap just below.
- This is where you could enter again to average down your position.
Thanks everyone and best of luck on your trading journey!
Meta has broken down from its ascending trendline. This is bearish.
In addition price has formed a major Double Top pattern with Bearish Divergence.
Bearish Factors
1) Breakdown of ascending trendline
2) Double top
3) Bearish divergence
Two things need to happen if META is going to make a move higher...
1) Price needs to stay above "Support #1"
2) Price needs to break above the descending trendline (connecting the range highs)
IF price does breaks lower... where do we start looking for long positions?
- Support #2 is a great starting point, however if price makes it to support #2, then I could also see price trading down to fill the gap just below.
- This is where you could enter again to average down your position.
Thanks everyone and best of luck on your trading journey!
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