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Meta Platforms Inc., Technical Analysis

10/21/2022 10:26 AM

Shares of Meta Platforms Inc., the American multinational holding company that owns the technology conglomerate and social network Facebook, are trading around 131.00.

On the daily chart, a global downtrend is forming, within which the price moves in a downwards corridor with the boundaries of 110.00–175.00, having reached its lower border and started to form a reversal.

On the four-hour timeframe, it is clear that the prospects for upward dynamics remain, and after the quotes consolidate above the local high of 138.00, the price may continue corrective growth to the upper border of the downwards channel at 168.00, and in case of a decrease, the year’s low of 124.00 is the nearest support.

Technical indicators confirm the likelihood of a correction: fast EMAs on the Alligator indicator are below the signal line but are approaching it, and the AO oscillator histogram is forming up bars in the sell zone.

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