nmike

FB weekly update

NASDAQ:META   Meta Platforms
17
FB is currently in a strong uptrend and finished the week with a bullish candle above a trend line resistance.We have negative divergence but is not supported by reversal candle patterns and Trix is rising.It is often the case that if the CCI(50) and Fisher(34) are above mid point any dips in the Trix 5 (Trix 3 for monthly) is a long entry opportunity, vice versa for shorts.Looking at the daily frame (posted as a comment), we are in overbought conditions so it might not be wise to chase it here, the 50, 100 MA and or an oversold RSI(10) would be an ideal place for long entries. Best guess is that FB fills the gap and continues higher, if breaks gap look for support near the 50 or 100 MA. Next target likely to hit the top of channel.

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