Bearish “Verse”?
I have never been a fan of symbol changes over the years and the chart below of META, the former FB, is at a line in the sand. Longtime readers understand my affinity with round number theory, and if that is coupled with additional dubious events it could add to the potential success of the trade. META is pausing at the 500 figure here and that is also the area of a former upside gap fill which did complete a bearish island reversal (following the gap up on 2/2) with the gap down on 4/25 that fell more than 10% on a poorly received earnings reaction. The stock rests 5% off most recent 52-week highs, but that is underperforming select communication services (really technology with internet). PINS which we have spoken about is acting well and last week jumped more than 6% displaying strong relative strength, and its MONTHLY chart from the long-term perspective looks attractive too as it clears a long cup with handle. TTWO should be watched closely as it could be forming a handle on its recent double-bottom breakout above a 156.35 trigger on 5/28.