META: Be very careful with these critical points. 1H & D charts
1-Hour Chart (Left Side)
On the 1-hour chart, a Head and Shoulders pattern has formed, which is typically considered a bearish reversal pattern. The neckline of this pattern is around the $523.12 level. If the price breaks below this neckline with strong volume, it could signal further downside, potentially leading to a retest of lower support levels.
The Head and Shoulders pattern is often followed by a decline approximately equal to the height of the head above the neckline, which could suggest a more significant drop if the pattern plays out fully.
Daily Chart (Right Side)
On the daily chart, the price is clearly bullish, however, if it triggers the H&S chart pattern sen on the 1h chart, we could see a mid-term correction to its next support levels.
The 21-day EMA is a very important one, along with the 38.2% Fibonacci's Retracement. The price could correct to this support area and the bullish bias would remain intact, therefore, corrections could be junt buying opportunities.
Key Levels to Watch
Support: The neckline around $523.12 on the 1-hour chart and the 21-day EMA on the daily chart are key support levels. If these levels break, it could lead to further downside.
Resistance: The $539.77 is the previous top level, and if META breaks this key point, it'll reject the bearish thesis as it would cancel the H&S pattern.
Summary
The Head and Shoulders pattern on the 1-hour chart suggests a potential bearish reversal if the price breaks below the neckline. On the daily chart, we see the price losing momentum, but there is still time for a reaction. For now we should watch these key levels closely, as a break in either direction could signal the next major move for META.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
On the 1-hour chart, a Head and Shoulders pattern has formed, which is typically considered a bearish reversal pattern. The neckline of this pattern is around the $523.12 level. If the price breaks below this neckline with strong volume, it could signal further downside, potentially leading to a retest of lower support levels.
The Head and Shoulders pattern is often followed by a decline approximately equal to the height of the head above the neckline, which could suggest a more significant drop if the pattern plays out fully.
Daily Chart (Right Side)
On the daily chart, the price is clearly bullish, however, if it triggers the H&S chart pattern sen on the 1h chart, we could see a mid-term correction to its next support levels.
The 21-day EMA is a very important one, along with the 38.2% Fibonacci's Retracement. The price could correct to this support area and the bullish bias would remain intact, therefore, corrections could be junt buying opportunities.
Key Levels to Watch
Support: The neckline around $523.12 on the 1-hour chart and the 21-day EMA on the daily chart are key support levels. If these levels break, it could lead to further downside.
Resistance: The $539.77 is the previous top level, and if META breaks this key point, it'll reject the bearish thesis as it would cancel the H&S pattern.
Summary
The Head and Shoulders pattern on the 1-hour chart suggests a potential bearish reversal if the price breaks below the neckline. On the daily chart, we see the price losing momentum, but there is still time for a reaction. For now we should watch these key levels closely, as a break in either direction could signal the next major move for META.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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