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.
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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