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Meta Platforms Inc., Technical Analysis

8/17/2022 12:16 PM

The shares of Meta Platforms Inc., which owns the world's largest social network Facebook, are falling around 179.00.

On the daily chart of the asset, a global downtrend is forming, within which the price managed to consolidate above the resistance line of the Wedge pattern around 170.00.

On the four-hour chart, it is seen that the local growth is developing slowly, and the start of a full-fledged upward movement is possible only after the quotes fix above the initial correction of 23.6% Fibonacci around 200.00.

Technical indicators confirm the likelihood of a reversal and growth: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms rising bars in the buying zone.

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