Meta for SwingGreetings, everyone. Today i am presenting my analysis of the daily chart for Meta, which leans predominantly towards a bearish outlook. This is substantiated by the formation of a lower high following the recent peak, coupled with the Relative Strength Index (RSI) signaling a bearish divergence.
Here’s a more sophisticated version of this trading idea-:
The level at 544 is presenting itself as a formidable resistance on the given chart. Should this support level be breached and the price secure a close below it, we can anticipate the subsequent targets materializing in the near future.
Alternatively We might observe a rebound from the stated support level, following which the price could encounter resistance along the descending trendline, resulting in another rejection. This scenario may lead to the formation of a lower high, subsequently increasing the likelihood of the aforementioned support breaking down entirely.
This perspective loses it's validity in the absence of a definitive rejection from the descending resistance level, coupled with the failure to establish a viable short-entry position.
Rest i will update idea accordingly, Hope you like my view.
Best Regards- Amit
