Keep an eye on overbought shares of Meta Platforms (SYM: META).
Struggling at triple top resistance dating back to April, it has a history of pulling back from this level. It’s also over-extended on RSI, MACD and Williams’ %R and could easily pull back to at least $480, near-term. Longer-term, META could push aggressively higher.
But near-term, it’s long overdue for a healthy pullback based on technical pivot points.
At this point, investors can either short the META stock, or buy a put option to capitalize on the potential for further pullbacks in the name.
