Fast Directional, andTend to go farther than what traders expect.
Shares of Meta are exhibiting a strong upward trend, currently working on their 14th consecutive day of gains, marking a record for the stock. While this remarkable streak might suggest overbought conditions, recent trading action indicates a breakout above the upper boundary of a topside channel trendline. This breakout signals continued bullish momentum, making it unwise to attempt to pick a top just yet despite the extended rally.
Meta’s current rally exemplifies the power of momentum in the stock market. Trends like these are difficult to reverse, especially for stocks experiencing such strong upward pressure. For now, traders should let the trend ride and only consider a shift in strategy if price action and technical levels, such as the breakout point, signal otherwise.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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