Chart of the day

Where do we stand fundamentally?

META is improving sales and revenue from quarter to quarter and is expanding in advertising revenue which is supporting the stock price increase that has P/E ratio of 24.50 which is not too high.

META is breaking above the strong resistance of 523 for an extension higher in the fifth wave to 640.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 390. As said this extension higher could lead to 640 target in the medium-term to long-term and we do not have much resistance till that level.

_{Try a long trade entry with a stop loss below 480 to target 640 and higher. You can trade with the options as well.}