Meta's 10-Day Pullback Presents a Buying Opportunity

2 months ago

Josh

"Now, descending channels, all right, they're considered bullish because when stocks consolidate and pull back in a descending price action, they tend to break to the upside. So, overall, there is nothing bearish or particularly bearish. In my chart of Meta, the 200 day moving average has historically served as a huge opportunity when the stock dips below it. The last time it went under, it took 12 days to bottom out, and today marks the 10th day. It is plausible that we may be just 2 days away from finding Meta's low, and I think I'm going to be looking very intently at Meta by Tuesday."

Josh explains that Meta's current pullback, having been under its 200-day moving average for 10 days, mirrors past opportunities where the stock bottomed out after 12 days. He views this as a potential buying opportunity, expecting a reversal within the next couple of days.

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