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Meta Platforms Inc., Technical Analysis

8/29/2022 11:59 AM

The shares of Meta Platforms Inc., which owns the world's largest social network Facebook, are falling around 174.00.

On the daily chart, a global downtrend continues to form, within which the price moves within a sideways corridor of 155.00–180.00 near its lower border.

On the four-hour chart, there are currently no drivers for the growth of the trading instrument, and if the quotes consolidated below the year's low of 155.80, the asset might continue to decline to 135.20. In case of an upward movement, the nearest resistance is the initial correction of 23.6% Fibonacci around 201.00.

Technical indicators confirm the likelihood of continuation of the current trend: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms downward bars in the sell zone.

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