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- META has exceeded the current quarter expectations and has raised its forecast for the current quarter
- Technical indicators are favoring consolidated moves in META. It is up by 14% in the past 24 hours.
META is a leading social media and technology company which was founded by Mark Zuckerberg in 2004. It has become one of the most valuable companies in the world since then.
It has been a popular investment choice for traders and investors due to its strong financial performance and market dominance. It has been the subject of a lot of volatility in the past few years.META is the parent company of Facebook and Instagram. The user base of Facebook and Instagram has seen an exponential increase in the past few weeks. Meta has also invested in various companies in the past. The company has recently released its earnings report in which it exceeded wall street expectations. META revenue is $28.65 Billion which is $1.35 Billion more than expected. META CEO Mark Zuckerberg has recently said that they have a good quarter and their community continues to grow. Various analysts are expecting strong growth in META in future.
META has a market cap of $611 Billion with an EPS of $2.20.It has recently tested its 52-week high and may hit a new high of $300 in the future.
Is META Heading For $300?
The weekly technical chart of Maker hints towards the dominance of Bulls. It has formed a strong bullish candle on the weekly chart. On the daily chart, it is currently trading near the value of $238 with a gain of 14% in the intraday session. It has been in an upside trending momentum in the daily chart. The upside trend of META can see a halt near the value of $250.Meanwhile, the downside trend of META can see a halt near $220.It is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can assist the price to a new high in the near future.
The RSI of the META is near 74 suggesting its presence in the overbought zone. There is a weak positive slope in it hinting towards a strong bullish trend.
Summary
META has recently released its earnings report in which it exceeded Wall Street expectations. META stock price may see a strong rally in the near future.
Technical Levels
Major Support:$220
Major Resistance:$250
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
