Chart of the Day: Meta Fails to Impress
It is hard to live up to the hype being in the Magnificent Seven. Meta Platforms ($META) is a key member of this group but has clearly failed to move higher with so much optimism for AI initiatives.
On its last earnings call, the company really pushed for more CapEx spending to create a dominant position, but investors and traders have not been impressed. After a sharp drop the day following earnings this stock has found no buyers to take it back up. Meanwhile, several other Mag 7 names have poked their heads to new high territory. It is great to be loved, not to be hated.
Eventually Meta will pull it together, and as long as the low in late March holds (call it $500) the stock should just be basing for weeks. The next earnings call won’t be until July, so there’s plenty of time to build a nice long base in the $600-630 range (for weeks).
Money flow is bearish, MACD is also bearish but trying to turn — it’s not going to be an easy task. A period of “boring” price action is needed here.
We like Meta Platforms in TheStreet Pro Portfolio and rate it a One, or “buy at anytime.”
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At the time of publication, TheStreet Pro Portfolio was long META.
