As shown on the Meta Platforms (META) stock chart, the price remains around the $560 level, less than 2% away from the all-time high of over $570, reached on 23 September.

A significant gain of approximately 3.80% in one day was achieved on 19 September, driven by increased demand for shares following the Federal Reserve’s decision to ease monetary policy.

Technical analysis of the META stock chart indicates that:
→ The price is forming an upward channel (constructed using the linear regression method, marked in blue), currently sitting in the upper half of this channel.
→ Prior to breaking through key resistance at $540, the price trajectory formed a bullish “inverse cup with handle” pattern, which aligns with another bullish pattern – an “inverse head and shoulders.”
→ The bullish gap that appeared on 19 September could act as a key support zone, helping the price stay above the former resistance at $540.

Will the bullish trend in Meta Platforms (META) stock continue? Much will depend on the Meta Connect conference taking place today.

As Barron’s reports:
→ CEO Mark Zuckerberg will deliver the keynote address, where he is expected to outline the company’s vision for artificial intelligence and announce Meta’s latest product developments.
→ The Verge predicts that Meta may unveil new versions of the Quest 3 virtual reality headset and Ray-Ban Meta smart glasses.

If the announcements prove groundbreaking, it’s possible the META stock price could reach the upper boundary of the blue channel. On the other hand, investor disappointment could put pressure on the key $540 level.

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Filed under: News - @ September 25, 2024 9:27 am