Meta {FB} have dropped 21% from its all-time high during the past 2 months of market retracement.
Nonetheless, the uptrend and chart structure is still intact.
We have a very strong hit of resistance turned support at 300. This price level can be a focal point for investors looking to enter or traders looking to work out their stop loss level. As long as this level is not breached, Meta (FB) remains bullish from a technical perspective.
The next major support level is at 245. More conservative traders/investors could choose to wait for this level if they feel the current market is still weak. However, you will run the risk of missing out should Meta (FB) rally from its current price.
Anything below 240, would be considered a bear territory.
TL:DR
Still bullish
Use 300 or 245 levels to plan your trade
Nonetheless, the uptrend and chart structure is still intact.
We have a very strong hit of resistance turned support at 300. This price level can be a focal point for investors looking to enter or traders looking to work out their stop loss level. As long as this level is not breached, Meta (FB) remains bullish from a technical perspective.
The next major support level is at 245. More conservative traders/investors could choose to wait for this level if they feel the current market is still weak. However, you will run the risk of missing out should Meta (FB) rally from its current price.
Anything below 240, would be considered a bear territory.
TL:DR
Still bullish
Use 300 or 245 levels to plan your trade