Chart of the day

Where do we stand fundamentally?

Meta Platforms (META) stock has seen strong performance in 2024, recently reaching a 52-week high of $614.20. The stock is up over 73% year-to-date, driven by robust AI-driven advertising growth and innovations like the Andromeda ad system. Meta's AI initiatives have enhanced ad personalization and effectiveness, contributing significantly to revenue growth. The company’s shares have outpaced peers like Alphabet and Snap, showcasing its competitive edge in digital advertising. Analysts remain optimistic about its future trajectory.

META is reaching the possible top of a third short-term wave of the upside third long-term wave after the recent bounce from 539 An extension upside from here in the case of a break above 650 can lead to a test of the 780 level in the extended third upside wave.

I would be careful here with the long trades and would take some profit if you are already long or traded with call options. Look for any signs of a swing reversal lower for the short trades or put options.

_{Try a short trade entry with a stop loss above 680 to target 539 and lower. Trade it with a put option as well.}