Meta PlatformsShort
Facebook just retraced the high from 6/11 and the low yesterday
The high was $82.89 and the low was $80.07, $81.48 is a 50% retracement. On a 45 minute chart META had a Doji at the retracement high. Also I notified another News outlet about the IRS audit of FB tax returns that is mentioned in their last 10K. The tax loss carryforward credits that FB has used and are not eligible for, will cause FB to restate earnings for the last 3 years imho.. Also the Restricted Stock Units that FB has used for Tax Credits are also not restricted because they are vested if the holders employment is terminated. We are talking about Billions of Dollars in Tax credits that will be denied by the IRS imho. META is a sell with a target of $60 in the next 2 months. Consider also that revenue declined sequentially last quarter and GAAP earnings declined sequentially for 2 quarters.
META had a Doji at the retracement high. Also I notified another News outlet about the IRS audit of FB tax returns that is mentioned in their last 10K. The tax loss carryforward credits that FB has used and are not eligible for, will cause FB to restate earnings for the last 3 years imho.. Also the Restricted Stock Units that FB has used for Tax Credits are also not restricted because they are vested if the holders employment is terminated. We are talking about Billions of Dollars in Tax credits that will be denied by the IRS imho. META is a sell with a target of $60 in the next 2 months. Consider also that revenue declined sequentially last quarter and GAAP earnings declined sequentially for 2 quarters.
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