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Hey, good morning, everybody. Time for our chart of the week. And this week we’re gonna be focused in on Meta Platforms, the home for Instagram, WhatsApp, Facebook, and other properties too. So we like the chart of Meta. Let’s take a look at it and see if we can figure something out over here.

So, what do we notice here obviously? Clearly is the stock is in a solid uptrend, right? Higher highs, higher lows. You see where the big blue arrow is going – it’s straight up from the bottom left to upper right.

Recently hit an all-time high and was there for about a cup of coffee, for one day at the end of June. And pulled back a little bit, and it’s had a really nice pullback here on moderate volume. Nothing really big, which tells us that big institutional money is still coming in and accumulating the stock; they’re not getting rid of it.

We see a nice pullback on the relative strength here to the 50 area, and it pulled right back up again a couple of days ago. And we see a pullback to this one moving average over here; this is the 26-day moving average. It’s bounced off of it nicely, formed a nice hammer, and now is starting to make some higher lows in places, too.

Of course, earnings are going to be coming out in about a week. And we’ll be hearing a little bit more about what Meta’s plans are all about.

Coming down over here, we take a look at the on-balance volume, which has been solid, really robust, too. Showing some great strength in big institutional money.

And along on the way with Chaikin money flow, which has been a little bit more erratic. Came down a little bit here at the end of June, bounced back up, and spent a lot of time for this month of July in negative territory. But it just tipped up over here.

So I would attribute this weakness in money flow is to investors getting a little scared, worried, nervous, and fearful in front of earnings. Of course, the stock rarely often makes a big move in front of earnings.

But look: Here is a stock that had rallied off this double-bottom here in early April – mid-April – rallied off this double-bottom into earnings last time around and it has just been making a beautiful trend of higher highs and higher lows. That was around the end of April, I want to say April 30 or May 1. It rose up over here and just continued to move forward.

So, a little bit of a pullback is not a surprise and probably a little bit healthy. You really wouldn’t want to see the stock moving up into new all time highs into print ahead of next week’s earnings.

So let’s see what happens here. We do have Alphabet/Google coming out a little later on in the week – this week. And we’ll have some of the names next week that will give us clues as to what Meta Platforms is going to do.

I’ll tell you what: I think this stock is making a run towards $800. So keep an eye on this one.

That’s Meta Platforms. Thanks for watching everyone, and I’ll see you guys next time.

Video Length: 00:03:03

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