META stock price continues making higher highs and higher lows inside the red upward sloping channel. Technically trend remains bullish as the channel boundaries have not yet been breached. There is an important warning by the RSI that produced a bearish divergence signal. The RSI continues forming lower highs. This is not a reversal. This is only a warning. Bulls need to be very cautious as there are increased chances of at least a pull back from current levels. A pull back towards $290 is very possible over the coming days and will not hurt the bullish trend. However if price breaks out of the bullish channel I expect META stock price to fall towards the latest open gap around $220-$210.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bullish channel
Violet line – bearish RSI divergence
META stock price continues making higher highs and higher lows inside the red upward sloping channel. Technically trend remains bullish as the channel boundaries have not yet been breached. There is an important warning by the RSI that produced a bearish divergence signal. The RSI continues forming lower highs. This is not a reversal. This is only a warning. Bulls need to be very cautious as there are increased chances of at least a pull back from current levels. A pull back towards $290 is very possible over the coming days and will not hurt the bullish trend. However if price breaks out of the bullish channel I expect META stock price to fall towards the latest open gap around $220-$210.
The material has been provided by InstaForex Company – www.instaforex.com
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