META is flashing a "buy" signal on the charts
Meta Platforms Inc (NASDAQ:META) stock is sitting out the broader tech rally this afternoon, down 0.3% at $612.06 at last glance, though it earlier hit an all-time high of $617.78. Looking at the stock's chart, there's reason to believe it could extend those highs.
META finished five of the last six days higher, which managed to push it above the top band of its 20-day Bollinger Bands. Per Schaeffer's Senior Quantitative Analyst Rocky White, the shares moved higher the past 10 times this occurred, averaging a 21-day gain of 9%. From its current perch, a similar move would put the equity back above $664.
When weighing in on the stock's next move, options look like a good way to go. This is per META's Schaeffer's Volatility Index (SVI) of 29%, which sits in the low 16th percentile of its annual range, meaning options traders are pricing in low volatility expectations.