Technical Analysis – Meta stock regains traction ahead of Q3 earnings
October 25, 2023 12:27 pm
Meta stock pulls back from 2023 peak
Halts decline and attempts reboundin the lastfew sessions
But oscillators suggest fading positive momentum
Meta’s (Facebook) stock has been in a steep uptrend since it bottomed out in October 2022, while defying the broader market pullback since late summer. In the near-term, the price has been showing some weakness after hitting a fresh 2023 high, but near-term risks remain tilted to the upside.
If the reported financials later today surprise to the upside, the bulls could attack the July peak of 326.00. A break above that zone could open the door for the 2023 high of 330.00. Should that hurdle also fail, the price could post fresh multi-month highs, where the December 2021 resistance of 344.00 might curb further advances.
Alternatively, bearish pressures could send the price to initially test the recent support of 306.00. Breaking below that wall, the share price could retreat towards the September bottom of 286.50. Even lower, the August low of 274.00 could provide downside protection.
In brief, despite the latest correction, Meta’s stock is trading near its 2023 highs ahead of the Q3 earnings call. Can the report trigger some volatility
Meta stock pulls back from 2023 peak
Halts decline and attempts rebound in the last few sessions
But oscillators suggest fading positive momentum
Meta’s (Facebook) stock has been in a steep uptrend since it bottomed out in October 2022, while defying the broader market pullback since late summer. In the near-term, the price has been showing some weakness after hitting a fresh 2023 high, but near-term risks remain tilted to the upside.
If the reported financials later today surprise to the upside, the bulls could attack the July peak of 326.00. A break above that zone could open the door for the 2023 high of 330.00. Should that hurdle also fail, the price could post fresh multi-month highs, where the December 2021 resistance of 344.00 might curb further advances.
Alternatively, bearish pressures could send the price to initially test the recent support of 306.00. Breaking below that wall, the share price could retreat towards the September bottom of 286.50. Even lower, the August low of 274.00 could provide downside protection.
In brief, despite the latest correction, Meta’s stock is trading near its 2023 highs ahead of the Q3 earnings call. Can the report trigger some volatility
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