Technical analysis by ravivhe94 about Symbol METAX: Buy recommendation (11/30/2024)

Since its breakout above the resistance line at $544, META has been consolidating for almost 2 months within a parallel rectangle. The consolidation area is highlighted in yellow (B). This consolidation could potentially end with a breakout above the resistance line at $602. Considering that the next 2 weeks are expected to be volatile (the first 2 weeks of December in an election year), I believe META will test its support line, possibly close the bull gap (C), and then rise with momentum to break out above $602. When we zoom out, we can see that META is within an ascending channel (A), right in the middle. We can also see that META tends to consolidate towards the lower boundary of the channel and then rise, which supports the analysis of the consolidation area in (B). Conclusion: In the short run, we may see some downside, but in the long run, I believe META will continue to rise and potentially reach the target price of $660, which is the height of the consolidation area (B).