Meta (Facebook) shares
Investment Thesis
META remains below both its 50- and 200-day MAs in a death-cross downtrend, just rejected on heavy volume at the 50-day MA/prior-swing-high confluence near $593-592, and is underperforming SPY sharply — a short at the current price targets a retest of the $500 round-number level with a stop above the rejection high.
Catalysts to Watch
META rallied from the Aug 19 low (~$537) to a $593.34 intraday high on Aug 26 on the heaviest volume in weeks (31.4M shares), then reversed to close well off the high and continued lower on Aug 27, closing at $571.10 right at the confluence of the declining 50-day MA (~$592) and that prior swing high.
Why It May Work
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Timeline
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