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Technical Update - META opening above resistance trying to close 2021 gap. Will it succeed?
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: META jumping higher at open to trade above strong resistance at 237. Can it close the 2021 gap or will the share price slide back? See the key levels here
META gapped higher to open above resistance at around 237.00. that is the closing level after META gapped lower back in January 2021.
Key question will be where is META going to close today; above or below this level.
A close above could give energy for META to try closing the gap from 2021. The gap is (here is Body Candle Body gap important) up 294.63.
If Meta closes below 237 sellers are could be trying to close the opening gap from this morning. They are likely to fail, however. Despite RSI has been showing divergence on RSI for a couple of months the indicator has a the time of writing broken above its falling trendline. A close above will indicate META is likely to trade higher.
Medium-term META is in an uptrend confirmed with positive RSI and no divergence suggesting META is likely to move higher. There would be no strong resistance until around 294.63
META is at the time of writing back above its 200 weekly Moving Average and back above the Cloud and if closing the week above it is a bullish signal. For the uptrend to be reversed a weekly close below 207.13 is needed.
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