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Meta Platforms Inc., Technical Analysis

3/2/2023 10:11 AM

The shares of Meta Platforms Inc., the US multinational holding company that owns technology conglomerate and social media giant Facebook, are trading at 173.00.

On the daily chart, a global corrective trend is forming, within which quotes are trying to close the price gap of 151.00–183.00, holding below its end level.

On the four-hour chart, it can be seen that the prospects for the continuation of the downward dynamics remain high, which is confirmed by the price being below the 38.2% Fibonacci base correction level at 188.10, after consolidation below which the next target at the 23.6% initial correction level at Fibonacci 150.00.

Technical indicators slow down the buy signal: fast EMAs on the Alligator indicator narrow the range of fluctuations, and the AO histogram drops in the buy zone, forming downward bars.

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