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Facebook (Meta Platforms Inc) Stock Gathers Momentum, $380 Presents Hurdle

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Aayush Jindal

Key Highlights

  • Facebook’s stock price (Meta Platforms Inc) climbed higher above the $320.00 resistance.
  • A key bullish trend line is forming with support near $308 on the weekly chart.
  • In the past few weeks, Mark Zuckerberg sold over $228 million worth of company shares.
  • The price could still climb higher and revisit the $380 resistance.

Facebook Stock (Meta Platforms Inc) Price Analysis

After forming a base above the $275 level, Meta Platforms Inc (Facebook) stock price (NASDAQ: META) started a decent increase. There was a move above the $300 resistance to set the pace for a larger increase. In the past few weeks, Meta Platforms (META) CEO Mark Zuckerberg has sold over $228 million worth of company shares, which is drawing the market attention and could be a point of concern for shareholders.

Looking at the weekly chart, the price settled above the 76.4% Fib retracement level of the last major decline from the $384 swing high to the $88 low (formed in Sep 2022). The price is now showing positive signs above the $315 level.

There is also a key bullish trend line forming with support near $308 on the same chart. On the upside, immediate resistance is near the $355 level. A clear move above the $355 resistance zone could send the price toward the $375 level.

The main barrier could be $385, above which Facebook’s stock price could rise and test the $400 level. If the bulls struggle near $355, the price might start a downside correction.

The first major support sits near the $315 level and the trend line. The next key support is at $285, below which there could be a steady decline toward the $270 level. Any more losses could send the price toward the $250 pivot level.

Economic Releases

  • US Initial Jobless Claims - Forecast 220K, versus 220K previous.
  • US Retail Sales for Nov 2023 (MoM) – Forecast -0.1%, versus -0.1% previous.
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