Overview:
Meta one-year reading for 2024
Status: December 12th, 2023 7:106 p.m. Eastern time, reading price is $334.12
Behavioral Trends in 2024:
The overall theme and behavior for Meta in 2024 indicates a brief peak that can easily be missed, followed by a decline through multiple support levels on a one-year chart. However, a notable rally offers opportunities to close long positions or open short positions, reflecting a very mixed year with multiple highs and lows.
Sneak Preview for 2025
The sneak preview for 2025 indicates a notable move higher, pushing the upper range of a multi-range higher.
Highs and Lows Throughout 2024
A sharp drop off of the high is expected at the beginning of 2024. The strongest probable location of the highest high is around June-July, likely the same high seen in March. October and November may have even higher highs. There might be a breakout through those highs at the end of the year, possibly only momentarily, followed by a turnaround. The strongest likely location for the lowest low is in July-August, with a revisiting of it in August-September. This is probably the same price level as the lows in May and early February.
Best Multi-Year Trade
From a multi-year standpoint, the best trade is to get into a long position during a significant decline and a significant low in 2024 before a rally along a diagonal trend line on a multi-year scale. This rally ends with a fast move higher and a breakdown through that diagonal trend line. This fast move higher likely takes to another high on a multi-year scale, especially because of the resistance present. The best place for the multi-year buy opportunity is at the lows of July-August, and if missed, another opportunity will arise in August-September. A small long position can be picked up around the lows of May, with additions if the same or lower price levels are hit later.
Important Peaks and Lows
An important peak is expected in April or May-June. It’s likely that the peak is revisited and goes slightly higher in June before coming back down. The opportunity here is to close out a long position in May that was opened around the lows of February. The long position should be closed in May, avoiding waiting for June due to the potential brief higher move. If the price level in May is revisited in June, a short position can be opened and closed around the lows of July-August, likely in early August.
Short and Long Trades
Short trades are recommended for multi-month or multi-day swing trades throughout 2024, but caution is advised around the highs of August-September due to potential fake-outs. The sharpest drops are expected around April-May, July-August, and October-November.
Meta Performance in 2024
Meta’s performance in 2024 compared to the S&P 500 shows very similar patterns, with a peak in June, lows around August, February, and May-June, and highs at the end of the year. Meta is expected to outperform the S&P 500 towards the end of the year and move into higher price levels in a bigger rally in 2025.
Monthly Overview:
JANUARY:
In January, there’s a rally on a multi-day scale into a key resistance on a one-year chart. From there, we see a decline with consecutively lower spikes, forming a U-shaped dip for the January low. This suggests two peaks in January with a dip between them.
Around the January high, there is first a sideways rotation along key support, establishing support, followed by a significant move higher on the one-year chart scale. This is followed by sideways rotation along the high.
Later in January, there’s a decline through multiple support levels leading into the January low. This low likely marks the transition between January and February, likely on the cusp of January-February, with a huge spike up. Additionally, there’s a notable reversal with a trade opportunity in early January and another significant reversal in February, which will stand out prominently on the one-year chart scale.
FEBRUARY:
In the early part of February, there is a prominent break out on a multi-day scale to a peak, followed by a decline through key support. This is where a brief peak that can easily be missed occurs at the February peak, followed a low in the later part of February. The market goes from a low in the early part of February to a peak in early to mid-February, followed by a drop.
MARCH:
In March, there is a significant move to the upside on a one-year chart scale, reaching the March high towards the later part of the month in the midst of some mixed back-and-forth behavior, and a sharp drop as well. There is an important peak on a one-year scale at the end of March
APRIL:
In April, there is an important price level of resistance, where volume will flatten out in early April around this price level. There is an unexpected move higher towards the April high likely in the beginning and later part of April. There will probably be two April lows. Multiple failed attempts to break through key resistance will occur in the later part of April, and the April low forms out of a decline. A big move from the bottom of a range to the top of a range will occur. The lows will likely go flat early to mid-April, followed by a big unexpected move higher to reach the April high towards the very end of April. After a sharp move to the upside in early May out of a significant low, there will be sideways movement, crossing back and forth through the same price level. This price level will be important on a one-year chart scale, crossing up through it, then down, then back up. The third time crossing up through it often confirms a bullish trend. This should occur in early May around a prominent trough on a one-year chart scale, followed by a notable rally into the May high.
MAY:
At the beginning of May, there is a failed attempt to break through
At the beginning of May, there is a failed attempt to break through key resistance on a multi-day scale, followed by a decline through key support into the lows of May, which appear to be towards the later part of May. However, probably there is one early in May, and then it can be seen again later in May after a rally higher. In the later part of May or the early part of May, there is a big move to the upside, one of the biggest moves to the upside on the one-year chart for 2024, taking the market out of prominent lows on a one-year chart scale and into an important peak or crest, potentially forming a new local high.
JUNE:
In June, there is an important peak or new local high. There is a notable high on a one-year chart scale, and this will appear in the later part of June when there is erratic behavior back and forth through the same price level. In the midst of that erratic behavior, a crest that was recently a passed opportunity will be revisited, with the price level in relation to the notable high on a one-year chart scale. In the midst of that erratic behavior, there might be a very quick move higher and then a move back down through resistance to create the June peak, which will occur during that erratic behavior.
JULY:
In the early part of July, there is a period of volatility and a fast sudden move higher ending that period of volatility. That fast sudden move higher is really a pop and drop, taking us to a July high at an important technical price level of resistance. This will be important on a multi-year scale. The July low is a notable decline that offers a trade opportunity. There are prominent peaks towards the end of July and around the cusp of July.
AUGUST:
In August, there is a sharp drop from a high. Behavior around the August high includes a decline to and through support to meet second support on a one-year chart scale. There will be sideways rotation along that second support, likely taking place in the middle of the month. In that period of sideways rotation, there is a sharp rally that stands out, presenting a notable opportunity when looking back at 2024. The opportunity at the August low really stands out at the prominent trough on the cusp of July-August.
SEPTEMEBER:
Into early September, another important resistance level on a one-year chart scale is highlighted. There is a lot of volatility and price change around it. A decline into the September low ends with a fast sudden move higher, likely taking place towards the later part of September.
Off of the September high, there is a notable decline, which might include bearish price action with a sharp drop within it. There is probably a brief peak that’s easily missed at the September high, probably in the later part of September.
OCTOBER:
In early October, there is a prominent move higher and a full retracement of that move back down, forming a triangular shape on a chart. Behavior around the October high includes a period of sideways rotation that ends with a fast move higher. In the later part of October, there is a crest from which the market sells off, moving down through support, forming a U-shaped reversal below that support, and then coming back to reuse it as support.
Towards the end of October, be mindful of a sharp drop. The October low forms when the market successfully moves higher out of the low and turns resistance into new support on a multi-day scale. An important crest appears around the cusp of October.
NOVEMBER:
In the midst of a move higher, a lot of price change occurs in early November amid increased volatility. The November high forms a breakout on a one-year chart scale. The November low forms out of a scary technical chart pattern decline or in the face of seemingly overwhelming headwinds, resulting in a really big move higher out of the November low. This low likely forms towards the later part of November after a near-overbought crest that we sell off from mid-November. Then we enter a trough, followed by a notable move higher, likely a breakout of some kind, which is then followed by sideways rotation.
DECEMBER:
In early December, around that price level, there is a failed attempt to break through key resistance around the December high. Based on technicals, a breakthrough is expected, but instead, there is a turnaround, and the market declines through key support off the December high.
A notable opportunity exists in December’s low, with a lot of price changes either into or out of the December low. There is a significant decline into the December low, presenting a trade opportunity. Following that, there is a prominent peak at a key resistance on a multi-day scale with a lot of price change moving into or out of it.