Here’s what I’m watching:
The Setup:
- Looking to get long around $577
- Stop on a daily close under $567 (just below our point of control)
- Initial target at previous high of $603
- Extended targets at $616 and $632
For options traders, I’m eyeing the December 20th $600 calls.
They’re not going to be cheap options, but we’ve got 38 days for this setup to work.
If you’re trading with a larger account, consider the December $570 calls with a .63 delta for a more conservative approach.
For my full take, click the image below and watch my video.
YOUR ACTION PLAN
I’ll be looking to accumulate META around these levels and work it up to our targets.
Whether you choose to go with shares or options, this setup offers a solid risk/reward in a name that isn’t stretched to the upside.
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