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Meta Platforms Inc., Technical Analysis

12/5/2022 10:15 AM

Shares of Meta Platforms Inc., the American multinational holding company that owns the technology conglomerate and the largest social network Facebook, are moving in a corrective trend at 123.00.

On the daily chart, a global downtrend forms, within which the price moves in a downward corridor with the boundaries of 80.00–133.00, approaching the resistance line.

On the four-hour time interval, it is clear that there are prospects for the growth of quotations, as evidenced by the active working out of the price gap by the trading instrument, which began from 122.00. In case of a reversal and a downward movement, the nearest support is the local minimum of the last week, around 109.00.

Technical indicators confirm the likelihood of an upward correction, almost giving a buy signal: fast EMAs on the Alligator indicator are ready to cross the signal line upwards, and the AO oscillator histogram entered into the buy zone, forming the first upward bar there.

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