Speaking of consolidation that may be needed is on Meta. Look at this run on Meta. Now, I know I've covered this on Trading the Close, but guys, this has literally been the story of the week.
They've come out this week, too, with brand new Meta VR glasses that only weigh about 100 grams. So, they're very small. They they uh compared it to the weight of a deck of cards.
It's really truly fascinating. But will this be the one time that their VR catches steam? I'm not quite sure. A lot of this builtup momentum and push higher was on the back of uh Meta's Muse, their AI agents that are now assisting individuals do things from making recipes to planning their next vacations.
So we see Meta barreling up higher towards this triple top region. And if I back out on the chart, you can see Meta mostly has been contained in this parallel channel since December of 2023.
Now, we're approaching upon not only this triple top area right around 795, but we've got the 50% area of the parallel right in that region, too, right around 798 tells me around $800, Meta will need some consolidation before we're talking about a potential breakout on our hands on the chart of Meta.
Mind you guys, the daily RSI at 80.51. Anything over 70 is considered overbought in the near term. I wouldn't want to be jumping on right here. In fact, I would rather want to see the pullback and the consolidation take place, have this RSI balance out before I consider pushing that buy button.