META gained 27% over two weeks—new king crowned or just a flash in the pan?

In May, I gave my outlook for META’s trend (Figure 1). In plain terms, after the pullback ends, there would still be another upswing. The subsequent pullback was a bit deeper, but the overall price action basically matched the expectation. Going forward, META will watch key levels at 690.82 and 737.2.

The rally that began at 520.26 (the blue segment in Figure 2) can temporarily be viewed as a rebound against the decline from 796.25 to 520.26 (the green segment in Figure 2). If this month cannot break above 690.82, the rebound could end at any time;

Breaking through 690.82 indicates that, at minimum, the move starting from 520.26 is a strong rebound. Along this path, watch the key resistance at 737.2. If the daily candlestick body closes above that level, the rebound from 520.26 has a chance to develop into a new uptrend—meaning META may be able to break to a new high. And this expectation was something we discussed back in May. #META, $METAX ‌