Meta is sitting right above our 5EMA support at 340.20. This...

$Meta Platforms(FB.US)$
Meta is sitting right above our 5EMA support at 340.20. This is a important support to look at as bull rallies usually pulls back to 5EMA after a strong surge and rebounds off it for the next rally.

If we do break this 5ema support, the next one will be at 50ema at 339 and 20ema at 335. Critical support is sitting at 20sma at 331.

But base on Opex week it may not move too much as MMs are trying to eat up options time decay to let them expire out of the money. Since many retailers like to buy short term options to bet on the direction of the market.

I don't expect to see meta breaking through the 50ema at 339 as that will invalidate any head and shoulders possibility. However should it break, we have to be a little more cautious as that means meta may consolidate here first before pushing up for the next leg.

That being said QQQ is slowly consolidating to 20sma and that could mean a bull rally coming soon. And that is good news for meta as well.

I'm still not too worried on last 2 days selling as you can see that the selling volume is very low. This means it is not the smart money unloading and until they are the ones dumping their shares, you do not need to be worried. As usually the smart money are the ones who have the capital to move markets.

Retailers like us who do not have multi billions or hundreds of millions to throw into one stock will not be able to move a large cap stock much.
And that's why I'm never worried when random retailer said to sell or buy because the ones who decide the movement are not retailers but the whales. And my favourite phrase is to follow the trend (whales movement).

So as always, trade safe & invest wise!