We have been keeping an eye on META for a bit now and yesterday we noticed that it had found some support. As we watched it through the day, that support held and is forming a nice recovery. It could be leading to a bigger move but there is a potential short term play that is worth considering.

Take a look at this chart and you can see it setting up.

Yesterday’s move up brought us to a recent high. If it breaks higher it could repeat the move we saw at the end of June. That is the play to keep an eye on. A bit higher risk trade to try and grab some income from this move is to play a weekly call the Sept 4 570 calls are about $10. This would be a short term play that we would watch closely and lock in a quick gain. The alternative is to exit quickly if it moves down. If the move up pays off on the short term trade, a longer term call might be the next play.

Keep learning and trade wisely,

John Boyer

Editor

Market Wealth Daily