META Overbought here

We touched upon META in our post last night, but let’s look at the Technical side of things here after today’s move. The buyers have pushed META to the limit here and now we are running into major Fib resistance and reversal levels. What we believe will transpire here is a head and shoulders top as depicted in our chart here:

With the broader market not participating in this euphoria and even some of the MEGA9s faltering today, especially MSFT which is getting hammered dropping 10% today Yikes! The gap down at $396 is obvious target now but we suspect dip buyers to be supportive for the short term here, but overall the trajectory is lower:

So MSFT selling is balancing out META buying, ultimately we believe the broader market pressure will force these new buyers in META to rethink things. The momentum above $700 is as we expected for META but we suspect the technical levels and the potential for this head and shoulders top in META will prove correct. Anyway this is how we see it, what do you guys think? Buyers will snap up the move in MSFT, bidders continue to jump in on META? Food for thought guys, just food for thought.

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