META support zone 720 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 08:44 ET, META traded at 724.62, 0.6% above the support zone. On the same map, the next level above was 750 and the next level below was 700. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 11:30 AM ET), with a low of 717.27 and a high of 739.02. In the last hour price moved down 14.35, from 733.02 to 718.67.

The regular-session close was 739.02, 19.02 (2.64%) above the support zone at 720. Under the rule (support zone: close above is a hit), that is a hit.

This level came from the price chart rather than from news. There was no company-specific news that day. META finished the day up 3.2%, while SPY was down 0.2%.