Mission Rejected at Mt. Everest -Bullish Market Structure Intact

14. Okt. 2023

META Update - Bullish Outlook - October 15, 2023

Opening Summary: Bullish breakout stalled at a key resistance level.

Market Structure:

• Currently in Markup, signaling bullish trend continuation.
  

Key Price Levels:

• Support: $300, $304.79, $309.32, $311.7
  
• Resistance: $325.88, $328.79, $334.79, $340.56, $353.36
  

Chart Patterns:

• Day: 2-2-2d reversal
  
• Week: 3-2-2u continuation, bullish flag breakout, inverse hammer
  
• Month: 2-1-2u reversal, bullish flag pattern
  
• Quarter: 2-2-2u continuation
  

Volume Analysis:

• Day: Bearish volume confirms the 2-2-2d reversal.
  
• Week: Bullish volume supports the 3-2-2u continuation.
  
• Month: Volume data not conclusive.
  
• Quarter: Bullish volume strengthens the quarterly 2-2-2u pattern.
  

Overall Outlook:

• If bearish sentiment continues, a retracement to $300 PL is likely.
  

Note:

• Back-testing shows an inverse hammer typically leads to a gap up or gap down.