“FACE”ing the Music:
Next week the Mag7 will all be REPORTING earnings and each day we will take a look at one in our opening paragraph. META’s announcement will come on 10/30 before the open and I still look at the company as Facebook. The daily chart below is a solid one as it drifts a bit lower, now 6% off its most recent 52-week highs after a blockade at the very round 600 number (it has been trading between the very round 500-600 numbers since the bullish hammer candle on 9/11). There are some technical difficulties it has to address with the WEEKLY chart showing last week completing a bearish evening star with an extremely taut range the week ending 10/11. The MONTHLY chart has recorded a very robust run from the very round 100 number to the 600 figure, a gain of 500% in just 2 years. Give this chart extra credit however for ignoring the back-to-back doji candles, in September-October 2023, and again this August. These candles often are adept at signaling potential trend changes from the prevailing direction.