META Bottom formed. Ready to break 4 month Resistance.

It hasn't been that long since we last took a look on the Meta Platforms (META) and called for the last chance to find buyers and reverse its fortunes:

As you see since then, the stock has been trading sideways within a consolidation phase of lots of uncertainty fundamentally. Today however, the price broke above the Shoulder line of a Head and Shoulders pattern that started last month. Technically, this could be the ideal bottom formation for the majority of investors, with the price also above the 1D MA50 (blue trend-line).

With the 4H MA50 (red trend-line) supporting, if the price breaks above the April 05 Lower Highs trend-line, it will most likely be the final confirmation that the company has re-entered its long-term growth trend. Ideally, we would like to see the 1D MA100 (green trend-line) break but the Lower Highs trend-line could do alone, especially with the 1D RSI on Higher Lows since June 22, indicating a strong underlying bullish sentiment. Our medium-term target is the 1D MA200 (orange trend-line).


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