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META Analysis: Strong Market Structure Backed by Key Support Zones
3 mins quick technical analysis on $Meta Platforms (META.US)$ - this stock is still showing uptrending movement with higher highs and higher lows.
Technical analysis on META
Based on the provided chart of Meta Platforms, Inc. (META), here is the updated technical analysis:
1. Uptrend Continuation: The price remains in an uptrend, as shown by the rising diagonal support line, reflecting a pattern of higher highs and higher lows.
2. Support Levels: The chart highlights two key support zones:$585: The price has not closed below this level, indicating continued buying interest and sufficient strength to sustain the uptrend.$550: A secondary support level, providing a safety net in the event of a deeper pullback.
3. Recent Price Action: The price currently hovers near the $585 support level without breaching it, maintaining the overall bullish structure.
4. Wedge Formation and Resistance: The price movement appears to follow a wedge pattern, with the top of the wedge estimated to act as a potential resistance level around $650. This serves as a key area to watch for potential price reactions.
5. Strength in Market Structure: Despite minor retracements, the price respects the uptrend and key support zones, showcasing resilience and sustained momentum within the broader bullish framework.
Short-term trading with DLCs
– Long DLCs: For investors expecting META’s stock price to rise (e.g., $META 3xLongSG261006 (USDW.SG)$ ).
– Short DLCs: For investors anticipating a decline in META’s stock price (e.g., $META 3xShortSG261006 (USFW.SG)$ ).
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