Current trend

Shares of Meta Platforms Inc., an American transnational holding company that owns a technology conglomerate and the largest social network Facebook, are moving within a long-term uptrend, testing the resistance zone of 593.75–625.00 (Murrey level [3/8]–[4/8]). After its breakout, the quotes will move to the positive part of the Murrey trading range and reach the targets of 687.50 (Murrey level [6/8]) and 750.00 (Murrey level [8/8]). In case of a reverse breakdown of the middle line of Bollinger Bands 562.50 (Murrey level [2/8]), the correction will resume to the lower border of the Murrey trading range 500.00 (Murrey level [0/8]) and further to the lower reversal zone to the 468.75 mark (Murrey level [–1/8]).

Technical indicators confirm the continuation of the upward trend: Bollinger Bands and Stochastic are directed upward, although the latter is entering the overbought zone, and the MACD histogram is increasing in the positive zone.

Support and resistance

Resistance levels: 625.00, 687.50, 750.00.

Support levels: 562.50, 500.00, 468.75.

Trading tips

Long positions may be opened above 625.00, with the targets at 687.50, 750.00 and stop loss 575.00. Implementation period: 5–7 days.

Short positions may be opened below 562.50, with the targets at 500.00, 468.75 and stop loss 600.00.