Meta’s Tight Consolidation
Meta Platforms pulled back along with other growth stocks in August. But now some traders may look for its uptrend to continue.
The first pattern on today’s chart is the 50-day simple moving average (SMA). The recent dip was META’s first pullback to this line all year.
Next is the series of higher lows since August 25. Prices have simultaneously pushed against the $299 area where they got rejected on August 24. That combination of higher lows and upside resistance could be viewed as an ascending triangle -- a potentially bullish continuation pattern.
Third, Bollinger Bandwidth has contracted to its tightest range since late May. Does that open the door to potential price expansion?
Finally, MACD recently turned upward.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the 50-day simple moving average (SMA). The recent dip was META’s first pullback to this line all year.
Next is the series of higher lows since August 25. Prices have simultaneously pushed against the $299 area where they got rejected on August 24. That combination of higher lows and upside resistance could be viewed as an ascending triangle -- a potentially bullish continuation pattern.
Third, Bollinger Bandwidth has contracted to its tightest range since late May. Does that open the door to potential price expansion?
Finally, MACD recently turned upward.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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