Bearish on META on high time frame.
Every 3 years since 2018 we are presented with a bearish RSI divergence on the weekly chart, followed by a dump of epic proportions.
Will 2024 be different?
Since Feb 2024 we have had two island reversals set up on the daily. On Friday, we rallied to close the gap from below and proceeded to close the day below prior day high.
Monthly chart shows decreasing volume.
Weekly chart shows aggressive selling for two weeks now.
Monthly close below 470ish and it's not looking good for bulls.
Not financial advice. Happy trading.
Will 2024 be different?
Since Feb 2024 we have had two island reversals set up on the daily. On Friday, we rallied to close the gap from below and proceeded to close the day below prior day high.
Monthly chart shows decreasing volume.
Weekly chart shows aggressive selling for two weeks now.
Monthly close below 470ish and it's not looking good for bulls.
Not financial advice. Happy trading.
註釋
The market sure looks bullish but I did say this was a high time frame idea. Well META tested this trendline and is sitting below it. Decision time.
Full disclosure I don't trade META, I only follow it because I trade ES and NQ.
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