META has strong fundamental momentum from AI app adoption and technical health, but requires closing above $760 to fully validate the bullish trend.

MetaTrader broke above the $660 level yesterday, and we saw strong follow-through with gains exceeding 11%.

For "Meta", part of it is about news, isn't it? It jumped to the top of the app store. We are seeing a slight decline when you would have liked to see continued performance for "Meta".

If you look at the usual pattern on the weekly chart, it actually looks very healthy. Last week, we saw a candle break through a downtrend line that had been in place since September of last year. So, that was clearly a really good sign here.

Today’s follow-up really means that if we can close above the 760 level, I think that would be a big win for Meta, especially if they can maintain that level throughout the rest of the week, and then try to test the 785 highs.

So, Meta is doing a really great job. It is clear that the News AI app has surpassed ChatGPT to become the number one free app on iOS. That was as of last Friday. They received over 730,000 downloads in the first five days.

Then, by Monday or yesterday, the total number of downloads had reached more than 2.5 million by Monday. This is according to Sensor Tower data. Therefore, they are actually experiencing a great deal of momentum .

We also have the Meta Connect conference, which will be held on September 23 and 24, i.e., Wednesday and Thursday. The markets are also anticipating some news and perhaps some updated technologies coming from that conference as well.

Therefore, they have had many key factors supporting them over the past month or so.