META Technical Analysis and GEX Insights-Jan. 8
Technical Analysis (30-Minute Chart and 1-Hour Chart)
* Trend and Price Action:
* META is forming a symmetrical triangle pattern, indicating consolidation and potential breakout soon.
* The price recently rejected $637.39 (key resistance) and is now trading near $618.00, testing short-term support.
* Volume: Moderate volume on the pullback, indicating consolidation rather than aggressive selling.
* Indicators:
* MACD: Bearish divergence on the 30-minute chart, with the histogram moving downward, suggesting decreased momentum.
* Stochastic RSI: Near oversold levels, pointing to a possible short-term bounce.
* Key Levels:
* Support Levels:
* $618.00: Immediate support; a breakdown could test the $607.50-$600.00 zone.
* $600.00: A critical support level with GEX data showing PUT concentration.
* $595.00: Major support zone below $600, aligning with historical price action.
* Resistance Levels:
* $637.39: Key resistance and recent high, aligning with GEX CALL walls.
* $645.00: Secondary resistance zone; breaking above could lead to $650.00.
GEX Insights for META
* Gamma Exposure (GEX):
* Positive GEX Zones:
* $637.00-$645.00: Significant CALL wall activity, serving as strong resistance for price action.
* $650.00: Highest positive gamma exposure, representing a potential target for bullish momentum.
* Negative GEX Zones:
* $607.50: Key PUT wall and immediate support level.
* $600.00-$595.00: Critical support cluster with the highest negative gamma exposure, indicating strong defensive positioning.
* Options Metrics:
* IVR (Implied Volatility Rank): 53.5%, indicating moderately elevated options pricing.
* Options Flow:
* CALLs: Dominant around $637 and $645, reflecting resistance levels.
* PUTs: Concentrated below $600, highlighting significant hedging activity.
Trade Scenarios:
Bullish Scenario:
* Entry: Above $620.00 with confirmation of bullish momentum.
* Target: $637.00 (initial), $645.00 (extended).
* Stop-Loss: Below $615.00 to limit downside risk.
Bearish Scenario:
* Entry: Below $607.50 with strong selling volume.
* Target: $600.00 (initial), $595.00 (extended).
* Stop-Loss: Above $612.00 to cap losses.
Conclusion
META is consolidating within a symmetrical triangle, with $607.50 acting as immediate support and $637.00 as the critical resistance. A breakout above $637 could drive prices toward $645 or $650, while a breakdown below $607 could lead to increased selling pressure. GEX data confirms these levels as pivotal zones for price action.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risk responsibly.
Let me know if you'd like further insights or adjustments!
