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Meta Platforms Inc., Technical Analysis

11/11/2022 11:06 AM

The stocks of Meta Platforms Inc., the American multinational holding company that owns the technology conglomerate and the largest social networking site Facebook, continue to trade in a downtrend and are at 111.00.

On the daily chart, a global downtrend is forming, within which the price moves in a downward corridor with the boundaries of 85.00–130.00, reversing upwards after reaching the support line.

On the four-hour chart, it is clear that the prospects for growth will remain, but the instrument needs to work out the recent price gap that started from 122.00. In case of a reversal of quotes and a downward movement, the nearest support is the end of the gap, around 103.00.

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

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