FB weekly trend reversal and breakout of downtrend channel

Panjang

Meta Platforms (NASDAQ:META)

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NASDAQ:META Meta Platforms

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META Fadcebook has broken out of it's daily and weekly downtrend channel at long last. It's building sizable bullish momentum for a rebound at least up to 165. However I suspect that because it is so oversold and the markets at large are currently so oversold (even on weekly levels) globally that we're going to see a sizable rally / short squeeze within the next few days. I expect a +22% move possibly more if the rest of the market can maintain some bullish momentum.

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Since August RSI 50 has been resistance on the Daily. Today we've broken above. Shorter time-frames starting to get close to overbought but we should be just moments away from FB rallying hard.

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