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Technical Update - Meta could be forming top and reversal pattern with 20% downside potential
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Meta could be in the process of forming a Double Top reversal pattern with 20% downside potential. Confirmation needed
Meta Platforms opened lower after earnings and is at the time of writing trading below support around 293.27, and below the 55 and 100 Moving Averages.
If closing below 293 and below the Cloud, and RSI is closing below 40 threshold Meta is likely to see a sell-off down to support area 272-260.
Here will the 200 daily Moving Average (currently around 250) coming up adding a bit of support.
If Meta is closing below 274 a Double Top reversal pattern has been confirmed with downside potential to 240-230
To reverse the bearish trend a close above 318.35 is needed. As long as Meta is not closing below 293 it is in neutral position i.e., wait and see.
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