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Asset Watch
Tuesday, April 9, 2024
While the long-term fundamentals remain resilient, you should monitor some key momentum indicators to predict short-term price action.
Meta’s 20-day moving average (the blue line at the top) held throughout most of the rally off the 2022 lows. However, when breakdowns occurred, choppy price action ensued, and the bulls struggled to push the stock higher.
Meta also showcased a negative RSI divergence in mid-2023, where the blue line at the bottom made lower highs while the stock made higher highs (depicted by the vertical white line on the left). A breakdown below the 20-day MA eventually followed.
With a similar RSI divergence now present, pay close attention to the 20-day MA (near $500). If it holds, a bullish position is justified for as long as Meta trades above the key metric.
So, will Meta keep marching higher, or will a better entry point emerge in the weeks ahead?
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