Current trend

Shares of Meta Platforms Inc., an American transnational holding company that owns a technology conglomerate and the largest social network Facebook, are moving as part of a long-term upward trend. At the beginning of last month, the price reached the pivot point of 531.25 (Murrey level [6/8]) but could not break higher and began a downward correction, during which it reached the lower limit of Murrey’s trading range at 437.50 (Murrey level [0/8]).

Currently, the quotes are recovering lost positions. To resume growth, they need to consolidate above 484.38 (Murrey level [3/8]), supported by the middle line of Bollinger Bands. Then, the positive dynamics may reach the area of 531.25 (Murrey level [6/8]) and 562.50 (Murrey level [8/8]). In case of consolidation below the key “bullish” level of 437.50, the decline can continue to the zone 406.25 (Murrey level [–2/8]) and 375.00 (Murrey level [6/8], W1).

Technical indicators do not give a single signal: Bollinger Bands reverse downwards, the MACD histogram is stable in the negative zone, and Stochastic reversed upwards.

Support and resistance

Resistance levels: 484.38, 531.25, 562.50.

Support levels: 437.50, 406.25, 375.00.

Trading tips

Long positions may be opened above 484.38, with the targets at 531.25, 562.50, and stop loss 455.00. Implementation time: 5–7 days.

Short positions may be opened below 437.50, with the targets at 406.25, 375.00, and stop loss 460.00.