Meta is strong - to strong. It has been rising for 2 years without a major correction.
There was a correction of this year's rise at least and now we are trying to retest this year's high again. I expect this test to fail despite there is still some momentum.
The correction is required to get the market clean of the "weak hands" which hamper the finding of a fair value of the stock.
This correction may be long sideward movement. But with a change of the overall market sentiment a certain Fibonacci retracement may be expected.
Meanwhile the April decline has been retracedit may be the right time of another fall to begin.
There was a correction of this year's rise at least and now we are trying to retest this year's high again. I expect this test to fail despite there is still some momentum.
The correction is required to get the market clean of the "weak hands" which hamper the finding of a fair value of the stock.
This correction may be long sideward movement. But with a change of the overall market sentiment a certain Fibonacci retracement may be expected.
Meanwhile the April decline has been retracedit may be the right time of another fall to begin.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.