In our November 11 review of Meta Platforms ( FB) (aka Facebook), we wrote that "Traders could go long FB at current levels and on strength. Risk to $311. Add above $350. Our targets for now are $387 and $418." Let's see how things are turning out now. 
In this updated daily we can see that FB is making a bottom formation that some observers would call a small inverse head and shoulders pattern with a neckline across the $353 area. The trading volume looks like it has declined through the pattern since October and the On-Balance-Volume (OBV) line is weak so these two indicators are not consistent with a bottom pattern.
Trading volume should increase through the bottom as traders and investors become more comfortable with the fundamentals which should be improving. Perhaps the time of year has affected the volume pattern. If we ignore volume the pattern may still work out.
The Moving Average Convergence Divergence (MACD) oscillator made a higher low from October to December for a bullish divergence.
In this weekly Japanese candlestick chart of FB, below, we can see some slow improvement. Prices are trying to get and stay above the 40-week moving average line. An upper shadow tells us that the path higher is slow going.
The OBV line is positive looking in this time frame. The MACD oscillator is narrowing towards a possible bullish crossover.
In this daily Point and Figure chart of FB, below, we can see a potential upside price target in the $387 area.
In this weekly Point and Figure chart of FB, below, we see that the software believes that $411 is a potential price target.
Bottom line strategy: Traders long FB could raise stops to $315 from $311. Add to longs above $353. $387 and then $411 are our price targets now.
