Meta Platforms (META)

Meta Platforms $Meta Platforms (META.US)$ Now sharply off of the day's highs. I'm not going to mess around. The chart is not all that optimistic. Relative Strength has suddenly turned sharply in a northerly direction as the daily MACD has just experienced a bullish crossover of the 26-day EMA by the 12-day EMA. However, both remain in negative territory. The biggest problem with this chart is that despite this morning's 11% pop, the prevailing technical pattern is still a double top reversal, which is a bearish pattern. The double top has a pivot of $414, that almost seems out of comprehension at this point. Still the pattern is not broken until either a third peak is created or the 50-day SMA is held long enough to start making everything from June on start looking like consolidation. Remember, triple tops do exist. They are less common than double tops, but they are just as bearish. This morning's action has created a huge gap unfilled between $476 and $510. I would be real careful about taking action between the 50-day SMA ($492) and the apex of the second top ($542).