META once again hit All Time Highs this past week, but the strength wasn't able to sustain and the All Time High "Breakout" ended up being a Fake Breakout. Not only did the strength fall short, but there were a couple of reclaim attempts of All Time Highs, but each reclaim attempt was lower and lower. Over the past several days, there has been one line that has held strong: 525. Each Failed Push and each Fake Breakout lead to a bounce of 525.
We are finally in a spot again to break below 525 and have a pull back of META's recent bull trend: a Fake Breakout, lower lows, and a strong Failed Push theme. However, we have been here before. On Monday (8/19) we had a chance to Breakdown below 525 after a heavy Fake Breakout and failed pushes, but the Breakdown ended up being Fake and lead to All Time Highs. With that said, I will only be trading this on a confirmed Breakdown.
Trade Plan
525 Breakdown on volume with 500 Profit Target (SPY flows cannot be disregarded)
Posted by Theme_Options