Here below is a heat map showing the probability of reversal for a number of US markets I track.
NVDA and GOOG and AMZN are overbought (the latter is less overbought than its peers, only 68% prob. of reversal).
META sticks out as the sore loser: it has been down for 3 weeks, and it is quite oversold, overall 82% probability of reversal.
Here below is the model I have used to calculate the probability of reversal for META, it analysis price movements from the past and matches them with today’s META’s trend, to figure out what could happen next.
At the Close, last Friday, META has reached values on both the price and time model that are consistent with previous oversold scenarios.
A bounce is probable. If the bounce has legs it could become a rally, so this could be an opportunity to buy META at discounted prices.
Here below is a scenario projecting an average target that META could reach during the upcoming rally: 741 in 3 weeks time.
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