Hi Traders,
Meta also known as Facebook presents us with a Buy opportunity on the four hour timeframe. Looking at this price action we can see that price has created a channel ranging between 172 and 155, Price as strongly broken out of this channel and I now wait for a pullback.
I am waiting for price to pull back into 172.5 before sparking my interest in a buy position. Once we get the pullback I will be waiting for price to provide a rejection and show signs of buying pressure before entering.
My Target is at $200 per share as this is a point of previous resistance and a psychological price point.
I will be looing out for price to reject $189 as this could be a point where we get some sort of Rejection.
Be safe and be patient.
Renaldo Philander
Meta also known as Facebook presents us with a Buy opportunity on the four hour timeframe. Looking at this price action we can see that price has created a channel ranging between 172 and 155, Price as strongly broken out of this channel and I now wait for a pullback.
I am waiting for price to pull back into 172.5 before sparking my interest in a buy position. Once we get the pullback I will be waiting for price to provide a rejection and show signs of buying pressure before entering.
My Target is at $200 per share as this is a point of previous resistance and a psychological price point.
I will be looing out for price to reject $189 as this could be a point where we get some sort of Rejection.
Be safe and be patient.
Renaldo Philander