META's Reversal in Motion: TA for Nov. 20, 2024
META has initiated a recovery from its recent downtrend, breaking out of a descending trendline on the hourly timeframe. With improving technicals and defined support and resistance levels, META is presenting opportunities for both scalping and swing trades. Here's a comprehensive plan to capitalize on its next move.
Market Structure Overview
* Trendline Breakout: META has broken through a descending trendline, indicating a potential reversal.
* Recovery Phase: Trading around $561.50, the stock is stabilizing above key levels and showing signs of continuation.
* Volume Analysis: A surge in buying volume during the breakout confirms bullish interest.
Liquidity Zones
* Demand Zone (Support): $547.00 - $550.00. This range is where buyers stepped in during the recent reversal.
* Supply Zone (Resistance): $575.00 - $580.00. Sellers could emerge in this area as it aligns with previous rejections.
Order Blocks
* Bullish Order Block: $547.00 - $550.00. Look for this zone to act as a floor for any pullbacks.
* Bearish Order Block: $575.00 - $577.00. This area may see profit-taking and selling pressure.
Key Levels
* Support Levels: $547.00, $550.00, $559.00.
* Resistance Levels: $575.00, $580.00, $599.50.
Technical Indicators
* 9 EMA & 21 EMA (Hourly): META is trading above these EMAs, confirming bullish momentum.
* MACD (Hourly): Bullish crossover with a rising histogram, supporting the upside case.
* RSI (Hourly): Neutral near 60, leaving room for further upward movement.
Scalping Plan
* Entry: Look for a pullback to $559.00 - $560.00 for a quick scalp.
* Exit: Target $564.00 for initial profits, extending to $567.00 for a higher target.
* Stop-Loss: Place a tight stop at $558.00 to manage risk.
* Game Plan: Focus on high-volume candles as confirmation for entry. Avoid chasing at resistance levels.
Swing Trading Plan
* Entry: Accumulate near $547.00 - $550.00 demand zone for a higher-probability swing setup.
* Exit: First target at $575.00, with extended targets at $580.00 and $599.50.
* Stop-Loss: Set below $545.00 to limit downside exposure.
* Game Plan: Watch for bullish continuation patterns like flags or consolidations above $560.00 for re-entry opportunities.
Projection
META is positioned to test $575.00 in the short term, with the potential to reach $580.00 or higher on sustained momentum. Failure to hold $559.00 could lead to a retest of $550.00, providing another buying opportunity for swing traders.
My Thoughts
META’s breakout and volume surge suggest a bullish bias. Scalpers should capitalize on momentum above $559.00, while swing traders can use pullbacks to the $550.00 zone for an optimal entry. Adhere to your trading rules and let the chart dictate your actions.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Conduct your own research and consult with a financial professional before trading.
Market Structure Overview
* Trendline Breakout: META has broken through a descending trendline, indicating a potential reversal.
* Recovery Phase: Trading around $561.50, the stock is stabilizing above key levels and showing signs of continuation.
* Volume Analysis: A surge in buying volume during the breakout confirms bullish interest.
Liquidity Zones
* Demand Zone (Support): $547.00 - $550.00. This range is where buyers stepped in during the recent reversal.
* Supply Zone (Resistance): $575.00 - $580.00. Sellers could emerge in this area as it aligns with previous rejections.
Order Blocks
* Bullish Order Block: $547.00 - $550.00. Look for this zone to act as a floor for any pullbacks.
* Bearish Order Block: $575.00 - $577.00. This area may see profit-taking and selling pressure.
Key Levels
* Support Levels: $547.00, $550.00, $559.00.
* Resistance Levels: $575.00, $580.00, $599.50.
Technical Indicators
* 9 EMA & 21 EMA (Hourly): META is trading above these EMAs, confirming bullish momentum.
* MACD (Hourly): Bullish crossover with a rising histogram, supporting the upside case.
* RSI (Hourly): Neutral near 60, leaving room for further upward movement.
Scalping Plan
* Entry: Look for a pullback to $559.00 - $560.00 for a quick scalp.
* Exit: Target $564.00 for initial profits, extending to $567.00 for a higher target.
* Stop-Loss: Place a tight stop at $558.00 to manage risk.
* Game Plan: Focus on high-volume candles as confirmation for entry. Avoid chasing at resistance levels.
Swing Trading Plan
* Entry: Accumulate near $547.00 - $550.00 demand zone for a higher-probability swing setup.
* Exit: First target at $575.00, with extended targets at $580.00 and $599.50.
* Stop-Loss: Set below $545.00 to limit downside exposure.
* Game Plan: Watch for bullish continuation patterns like flags or consolidations above $560.00 for re-entry opportunities.
Projection
META is positioned to test $575.00 in the short term, with the potential to reach $580.00 or higher on sustained momentum. Failure to hold $559.00 could lead to a retest of $550.00, providing another buying opportunity for swing traders.
My Thoughts
META’s breakout and volume surge suggest a bullish bias. Scalpers should capitalize on momentum above $559.00, while swing traders can use pullbacks to the $550.00 zone for an optimal entry. Adhere to your trading rules and let the chart dictate your actions.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Conduct your own research and consult with a financial professional before trading.
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