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NASDAQ:META may be ready to breakout.

By Mill Chart

Last update: Apr 12, 2024

Our stockscreener has identified a possible breakout setup on META PLATFORMS INC-CLASS A (NASDAQ:META). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:META for potential opportunities.

META Daily chart on 2024-04-12

In-Depth Technical Analysis of NASDAQ:META

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 out of 10 to META. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, META is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that META is one of the better performing stocks in the market, outperforming 96% of all stocks. We also observe that the gains produced by META over the past year are nicely spread over this period.
  • META is one of the better performing stocks in the Interactive Media & Services industry, it outperforms 97% of 68 stocks in the same industry.
  • META is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • META is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

For an up to date full technical analysis you can check the technical report of META

How does the Setup look for NASDAQ:META

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:META is 8:

META has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 509.84, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NASDAQ:META be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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META PLATFORMS INC-CLASS A

NASDAQ:META (5/29/2024, 7:17:00 PM)

Premarket: 473.71 -0.65 (-0.14%)

474.36

-5.56 (-1.16%)

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