Meta Forecast 30/09: Price Stalls Near 50-Day EMA (Chart)

(MENAFN- Daily Forex)

• Meta ended up being fairly quiet during the Monday session, which is interesting considering that we are at a significant short-term technical area that a lot of people will be paying close attention to.
• After all, we are sitting right at the 50 Day EMA, and that of course makes a certain amount of sense that we are seeing a little bit of a reaction.
• The hammer that formed during the Friday session does suggest that there are buyers here, but I would be the first point out that the volume is in exactly explosive. In fact, it seems very normal, so I think we are in a situation where we need to zoom out and look at the longer-term charts.

Technical Analysis

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The technical analysis for this pair is relatively sideways, despite the fact that the last week or so has been rather negative. The $725 level underneath current trading has been significant support multiple times, and therefore I think it does offer a bit of a“hard floor” in this market. At the same time, we also have the $800 level, which has offered a significant“ceiling” in this market. As we are getting closer to the bottom than the top, it does make a certain amount of sense that there are buyers down here looking to pick up a little bit of value.

Ultimately, this is a market that is going to move right along with the overall stock markets, because it is considered to be one of the big players. It works in a bit of a feedback loop, because the rest of the market can drag it Meta higher, and meta-can most certainly drag the rest of the market higher as well. At this point, if we can break above the $760 level, I believe that we will try to get to the top of the same range that we have been in for a while. If we can finally break above the $800 level, something that you're not going to see in the next day more than likely, then that's a signal that Meta is going much higher. Anything below the $725 level would have me stepping to the side and waiting to see whether or not it can recover.

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