Meta has been testing the support level for weeks, will an uptrend appear or will stabilisation continue?

From a technical perspective, a major support level sits at $152. A break below this could see the stock test the lows of the pandemic period back in March 2020 ($137). RSI is negative as it reads 36 however MACD is showing a neutral stance. Initial short-term resistance sits at $173 where the stock has continued to struggle to break higher (this is also the middle moving average of the Bollinger). Applying the Fibonacci retracement to the chart, the next resistance reads $203-$206 region, this is where the 23.6% fib and upper Bollinger both meet.

 

Comment. “Overall, operations have continued to feel the pressure due to TikTok taking some of Metas business away, the metaverse vision continues to eat into their cash reserves and currently doesn’t really have the traction that Mark Zuckerberg thought he would get.”