Meta Platforms Inc (NASDAQ:META) made a nice trade off the bottom in November, prompting traders and investors to start looking at META stock again. It’s consolidated for 2 months now and is making a nice flag pattern. There is a nice gap to fill at $129.82 and one may think that could happen in the first couple of weeks of January if there is an optimistic start to the after the failed Santa rally.
The Invesco QQQ Trust (QQQ) gapped down this morning after closing yesterday at potential resistance of $267. The QQQ’s tested yesterday’s lows around $262.25 and found some buyers there this morning. $262/263 was a support area from last week. $261/$259 is a major support area below that. 52-week lows in the QQQ’s are $254.26.
Above $263, the next target is $267 which would be a gap fill to yesterday’s close. Above that the next target is $270 and then $272. There is still a gap to fill from last Wednesday’s close at $273.45