META: Hourly / Daily Charts Analysis.The META chart illustrates a dynamic interplay between bullish and bearish signals across both the daily (1D) and hourly (1H) timeframes.
On the daily chart, META has been in an upward trend since early May, as evidenced by the rising trend line and consistent support from the 21-day EMA, currently at $512.02. The price recently experienced a pullback after a robust rally, with the latest candlesticks showing signs of consolidation above the trend line. This pullback is typical in strong uptrends and often presents buying opportunities if the price finds support and resumes its upward trajectory. However, a close below the trend line and the 21-day EMA could indicate a potential trend reversal or a deeper correction.
The hourly chart reveals a more immediate bearish development. META recently triggered a bearish pivot point at $526.66, indicating a potential short-term reversal. This pivot point was followed by a decline, suggesting that sellers have gained temporary control. Additionally, the formation of a descending trend line on the hourly chart reinforces the bearish outlook in the short term. The price is currently trading below the 21-hour EMA, adding to the bearish sentiment.
This scenario reinforces the thesis of a pullback, and the 21-day EMA, along with the trend line are its next technical support levels. However, this doesn’t bring a mid-term reversal yet, as we would need to miss these support levels to actually reject the bullish bias.
In conclusion, while the daily chart of META shows an overall bullish trend supported by a rising trend line and the 21-day EMA, the hourly chart indicates a short-term bearish pivot point and a descending trend line. For a bullish continuation, the price needs to hold above the daily trend line and 21-day EMA, potentially offering a buying opportunity on a bounce.
Conversely, a break below these levels on the daily chart, coupled with the bearish signals on the hourly chart, could indicate further downside pressure. Monitoring these key levels and signals will be crucial for determining the next move for META, and when will be its next buying opportunity.
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Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
