Meta PlatformsLong
META: Potential 5 to 10 Bagger in 2024
Fundamentals:
If the NFP numbers explode up on Friday, then that means that the FED might have to increase rates, putting pressure on US companies' earnings. This may cause META to topple a bit before earnings. If not, then the same rate for longer. It is the first Friday of the week.
Sales have accelerated in META and earnings are above 20% q/q. However, its three-year earnings are below 5%. But if this changes when earnings come out in April 2024, then that will renew META as a super stock for 2024. It will be added to the two I already have: NOW, and NVO.
Technical Market Scenario:
The SPX500 has a 2.5%-10% market correction. Then rallies to Around 6000 By End of 2024.
Technicals:
ON the daily chart, META broke out and pulled back with higher volume, signaling caution for tomorrow. If it does not continue tomorrow, then I anticipate consolidation for the month in META, then an earnings breakout.
uHd with extreme bullish indicator.
META bounced off of daily 486 horizontal support.
Daily flag pole breakout
Daily Chart:
Weekly Chart:
Comment:
If the above scenario plays out and insider and investor expectations increase or are solid, then I expect META to be at $600 to $1000 within 12 months. However, If META topples, then there is a large buy zone area to watch at $400; a confluence area of a 50% fib, horizonal support from September 2021's all-time high and kijun support.
If the NFP numbers explode up on Friday, then that means that the FED might have to increase rates, putting pressure on US companies' earnings. This may cause META to topple a bit before earnings. If not, then the same rate for longer. It is the first Friday of the week.
Sales have accelerated in META and earnings are above 20% q/q. However, its three-year earnings are below 5%. But if this changes when earnings come out in April 2024, then that will renew META as a super stock for 2024. It will be added to the two I already have: NOW, and NVO.
Technical Market Scenario:
The SPX500 has a 2.5%-10% market correction. Then rallies to Around 6000 By End of 2024.
Technicals:
ON the daily chart, META broke out and pulled back with higher volume, signaling caution for tomorrow. If it does not continue tomorrow, then I anticipate consolidation for the month in META, then an earnings breakout.
uHd with extreme bullish indicator.
META bounced off of daily 486 horizontal support.
Daily flag pole breakout
Daily Chart:
Weekly Chart:
Comment:
If the above scenario plays out and insider and investor expectations increase or are solid, then I expect META to be at $600 to $1000 within 12 months. However, If META topples, then there is a large buy zone area to watch at $400; a confluence area of a 50% fib, horizonal support from September 2021's all-time high and kijun support.
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