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Facebook (Meta Platforms Inc) Stock Hits New ATH, Dips Turned Attractive

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Aayush Jindal

Key Highlights

  • Facebook’s stock price (Meta Platforms Inc) rallied above the $450 resistance.
  • A connecting bullish trend line is forming with support near $408 on the weekly chart.
  • Meta Platforms Inc. revenue grew 25% and 16% year-over-year for the fourth quarter and full year 2023.
  • The price is now approaching a major barrier at $500.

Facebook Stock (Meta Platforms Inc) Price Analysis

In the last analysis, we saw a steady increase in Meta Platforms Inc (Facebook) stock price (NASDAQ: META) above the $315 level. It extended its rally above the $400 and $450 levels.

On February 1, 2024, Meta Platforms Inc. reported its fourth quarter and full year 2023 results. Revenue was $40.11 billion and $134.90 billion, an increase of 25% and 16% year-over-year for the fourth quarter and full year 2023, respectively.

Looking at the weekly chart, the price rallied steadily after there was a close above the $400 pivot level. The price even broke the $465 resistance. A new all-time high was formed at $488.54 on TitanFX.

There is also a key bullish trend line forming with support near $408 on the same chart. On the upside, immediate resistance is near the $488 level. A clear move above the $488 resistance zone could send the price toward the $495 level.

The main barrier could be $500, above which Facebook’s stock price could rise and test the $520 level. If the bulls struggle near $500, the price might start a downside correction.

The first major support sits near the $440 level. The next key support is at $410 and the trend line, below which there could be a steady decline toward the $350 level. Any more losses could send the price toward the $315 pivot level.

Economic Releases

  • Fed's Bostic speech.
Great