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Meta Platforms Inc., Technical Analysis

2/8/2023 10:02 AM

Shares of Meta Platforms Inc., the US multinational holding company that owns technology conglomerate and social media giant Facebook, are trading at 191.00.

On the daily chart, a global corrective trend is forming, within which the gap of 151.00–183.00 has formed, and the price is above its end level.

In the four-hour chart, the prospects for the continuation of the upward dynamics are still quite high, as evidenced by the fact that the quotes are above the 38.2% Fibonacci base correction level around 191.75, in case of consolidation above which the next target will be the 50.0% Fibonacci intermediate correction level around 220.00.

Technical indicators keep a buy signal: fast EMAs on the Alligator indicator expand the range of fluctuations, and the AO histogram forms rising bars in the buying zone.

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