Facebook parent Meta misses earnings estimates and the stock (Meta Platforms, Inc.($FB)) plunges by over 20% Pre-Market.
At the time of writing, the stock price decline from the closing price of $323 to $257. This represent a decline of over 20%.
During the week of August 29, 2021, the Stock traded to a high of $383.70 then break its Support Zone at $340.38.
This was the first warning sign according to the Global Algorithmic Trading Software (GATS: System#5.
The second warning sign occurs during the week of October 24, 2021 when it traded below its 25WEMA(25 Weeks EMA).
The final exit signal was given when the stock price traded below $332.95 (383.70 -3(16.9140)).
We are still bullish on Meta Platforms, Inc.($FB). However we will only attempt a bullish breakout trade above $353.56
Our Global Algorithmic Trading Software (GATS) System#5 indicates the following for Meta Platforms, Inc.($FB) as at February 3,2022:
The Long Term Trend (LTT) is currently Bullish
The Medium Term Trend (MTT) is currently Bearish
The Short Term Trend (STT) is currently Bearish
The Micro Trend (MT) is currently Bearish
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