META Supply Zone Short Idea
META came all the way down near 450 last week, but never quite hit the April low. 492-500 has continued to provide some nice movement as well. META held right on its major uptrend line from all the way back in 2022, you can see it on this chart if you zoom out. I'd have to be bullish short term if META can sustain above 492-500, it may be headed for an ATH test or close to one.
However, I still think this is a bearish chart, but it needs to break the April low to really confirm that. For now I'm watching this supply zone near ATH for a potential short opportunity, I'd expect this zone to provide at least one small rejection, even if it comes back and breaks it shortly after. I would target the 492-500 area for profit taking and then perhaps hold some runners to see if it can test the April low.
However, I still think this is a bearish chart, but it needs to break the April low to really confirm that. For now I'm watching this supply zone near ATH for a potential short opportunity, I'd expect this zone to provide at least one small rejection, even if it comes back and breaks it shortly after. I would target the 492-500 area for profit taking and then perhaps hold some runners to see if it can test the April low.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
Related publications
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.