Image Alt

The Investing Box

  /  Cryptocurrency   /  Is the Meta Platforms stock correction over?

Is the Meta Platforms stock correction over?

Facebook’s parent company, Meta, has been informed by the competition watchdog in the United Kingdom that it must sell Giphy, a GIF-sharing platform.

Meta Platforms (NASDAQ: FB) closed over 7% higher last week, it is looking like the correction could be over and a rally could start soon. FB has fallen by over 15% from the all-time high that it hit earlier in September, thus investors are now looking to buy the dip in FB in hopes of a rally soon. FB rallied by over 7% in price last week which could be an indication of a new all-time high soon due to the return of the buyers in FB. Should you buy FB despite the strong downtrend?

Here is what the charts are pointing towards-

  • After a bullish divergence a strong reversal was seen, FB formed several strong bullish candles and it is now looking like it will be retesting the resistance at $323 that it broke out of. 
  • Investors are also expecting a reversal soon due to the strong fundamentals of FB which will help support the price. Thus investors are expecting huge growth potential after the Meta rebranding.
  • FB is forming a downward wedge thus it is looking bearish however a breakout could be seen soon if the rally continues.
  • If FB is able to sustain above $323 after the retest a bullish view will be confirmed, thus giving confidence to investors which will help resume the rally.
  • Investors can enter after a succesful retest near the $323 zone, and for investors who want to take a safer entry can wait for FB to breakout from the wedge above the $340 mark.
  • If a long position is taken after a retest investors must be cautious of the resistance at $337, as it could be a point of reversal for FB.
  • A target of $353 can be kept, followed by $380 and eventually a new all time high in the coming months.

The post Is the Meta Platforms stock correction over? appeared first on Invezz.