Meta Platforms (META) Stock Surges Above $600
On 19 November, we analysed the Meta Platforms (META) stock chart, highlighting:
the formation of a long-term upward channel (shown in blue);
the importance of the psychological $600 level;
the scenario of a bullish trend resumption with a rebound from the channel's lower boundary.
Since then:
as anticipated, the price reversed upwards (indicated by an arrow);
it broke key resistance at $600, reaching an all-time high.
The bullish momentum in META's stock price was supported by reports that:
AI-based tools are helping the company better monetise its vast user base and boost advertising revenue;
CEO Mark Zuckerberg dined with Donald Trump, suggesting their relationship may improve after Trump's prior criticism of Zuckerberg's platforms over information policies.
Whats Next?
Technical analysis of Meta Platforms (META) stock shows:
the decline from B to C represents approximately 50% of the rise from A to B a bullish signal;
after two strong candles on Monday and Tuesday, price growth slowed on Wednesday a bearish signal.
This suggests that buying momentum may be weakening, and bulls might now focus on maintaining levels above $600.
Analysts remain optimistic. According to TipRanks:
40 out of 44 surveyed analysts recommend buying META stock;
the average 12-month price target for META is $662.
Read more: https://fxopen.com/blog/en/oa-meta-platforms-meta-stock-surges-above-600/
Text source: Forex Trading Blog
