METAiculous Set-up:
Of course, there is no such thing as a perfect set-up, but the daily chart below of META is looking somewhat pristine. Long-time readers of mine know my affinity with round number theory, and something is also coming into play at the very round 600 figure here. Many technicians believe the more times a line, or level, is touched the less important that support or resistance becomes there. I think the likelihood of a strong break above 600 for META, if that comes, will be significant. The first time hitting the level it backed off with a dark cloud cover candle on 10/7, then on 10/14 a bearish shooting star, a counterattack on 10/30, and yet another shooting star on 11/12. My belief is the stock is becoming more confident in the area, especially after retesting the prior cup with handle breakout. Talking about round number theory the MONTHLY chart shows how powerful the run has been since the push-off par 2 years ago. Notice it spending almost all of 2024 above the overbought 70 RSI number, demonstrating overbought does not mean overdone.