META PLATFORMS INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 530.00 |
| Take Profit | 570.00 |
| Stop Loss | 510.00 |
| Key Levels | 495.00, 506.00, 510.00, 520.00, 530.00, 545.00, 570.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 506.00 |
| Take Profit | 455.00 |
| Stop Loss | 520.00 |
| Key Levels | 495.00, 506.00, 510.00, 520.00, 530.00, 545.00, 570.00 |
Shares of Meta Platforms Inc., the American multinational holding company that owns the technology conglomerate and the largest social network Facebook, are trading at 520.00.
An upward trend is forming on the daily chart, within which the price is unsuccessfully trying to consolidate above the year’s high of 530.00.
On the four-hour chart, the quotes are within an ascending channel with dynamic boundaries of 545.00–495.00. Exiting it upward will allow them to reach 570.00. If the asset fails to overcome the channel resistance line, the correction will continue. After consolidating below the support level of 490.00, the development of a downward trend is possible.
Technical indicators are holding a buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram is forming corrective bars in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 530.00, with the target at 570.00. Stop loss – 510.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 506.00, with the target at 455.00. Stop loss – 520.00.
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