Meta Platforms ( META) still has over 27 million shares sold short as of the latest report from the Nasdaq. According to www.shortsqueeze.com some 51% of the short interest is from the 200-day moving average line. I have no idea how this is calculated, but I am just going to take it on faith that a large number of shorts "have it wrong" at this point in time.
Let's see what this might do to the charts below.
In this daily bar chart of META, below, I can see three important price gaps. The first gap was to the downside in late October. This gap turned out to be an exhaustion gap. The second gap was in early February and this is a measuring gap.The third gap is in late April and I am not sure what sort of gap this is. If this gap is an exhaustion gap it is not working. A breakaway gap? Not so sure. Another measuring gap? Maybe.
The slopes of the 50-day and the 200-day moving averages are positive. The On-Balance-Volume (OBV) line is pointed up so buyers of META are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line. 
In this weekly Japanese candlestick chart of META, below, the gaps disappear. The chart looks bullish with prices trading above the rising 40-week moving line. The weekly OBV line is rising and that is a positive. The MACD oscillator is bullish.
In this daily Point and Figure chart of META, below, I can see a $316 price target.
In this weekly Point and Figure chart of META, below, I used a five box reversal filter. Here the software suggests a price target in the $525 area.
Bottom line strategy: I don't know what could push META higher but a large short interest in the face of rising prices could be part of the equation. I do not see any chart resistance on META until the $320 area.
