Blue lines- bullish channel
Black line- bearish RSI divergence
As we mentioned in our previous analysis on the META stock price trend remains bullish as long as price is inside the blue upward sloping channel. The RSI has already provided us with a new bearish divergence signal as it does not follow price to new higher highs. META stock price is vulnerable to a pull back at least towards the lower channel boundary around $193 from a close around $206 last Friday. The chances of a major reversal are increasing however we do not have a reversal signal yet. Bulls need to be cautious as we might be approaching the end of the entire upward move from the November 2022 lows.
