A confirmed breakout above the down-sloping trendline favors a move higher to $750-$800; bullish if it pierces, breaks, and confirms.
Jump to any passage
So, the first trade setup we're talking about is Meta. And as we know with downsloping trendlines, what do they mean? Well, it just generally means that the stock has been in a down and consistent downtrend.
Now, attacking this upper trendline, should it pierce, break above, and confirm, guys, it certainly favors a move higher up to, you know, maybe the next resistance level here on $750, 77744, and then potentially towards double top around 800 bucks. But it all starts with this trend line.
So here is my first setup. All right. If Meta can push it up, break above this down-sloping trend line, right, and confirm, I like this a lot for a potential long position.
And and with this position, you can enter a couple of ways as with pretty much every single down-sloping trend line. Now first off is just on a break. You see that breakout and you say, "You know what?
I'm going with the momentum. Let's go long." And I wouldn't blame you for doing that, right? That's certainly an option. But another thing that you can choose to do, let's say this breaks out, well, if it retraces, you could enter on a retrace to that down-sloping trend line looking for a move higher to the next level.
All right. With that being said, guys, that's all the setups I have for you today. Those are three actionable trade setups on Meta, MRVL, and Tesla. I'm trying to diversify a little bit, give you two longs and one short position.
Watchpoints
What this channel has said about $META
Verified Investing has 2 calls on this stock; only the adjacent ones are shown.