META Is it a buy again?

27 Eki 2023

Two months since we gave a successful buy signal (see chart below) on Meta Platforms (META) and the stock is yet again found after an aggressive selling sequence:

The (almost) 12-month long Bullish Megaphone may be still intact but this time the price dropped below both the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line). It is however approaching not just the bottom (Higher Lows trend-line) of the Bullish Megaphone, but also Support 1 (274.50).

What makes Meta a strong buy already is that the 1D RSI entered the Buy Zone, which is the area within the bottom of its Channel Down and the Support. As long as the 1D MA200 (orange trend-line) holds, buying some here and the rest at the bottom of the Bullish Megaphone is the most optimal approach for the medium-term.

As you can see, the price action follows very distinct time Cycles (dashed curves) and right now the new one is about to begin. Our target is the $384.50 All Time High of September 01 2021.

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