How High Can Meta Fly?
Meta Platforms has been flying as Mark Zuckerberg focuses on profitability and buybacks. So how high can the Nasdaq-100’s No. 2 performer this year go before profit takers step in?
Today’s chart uses 2-day candles to highlight some potentially important levels.
The first price zone is about $5.50 on either side of $242. The top of that area is near a bearish price gap on February 3, 2022, after a poor earnings report. The bottom of the zone matches the April 2022, which was followed by a drop of more than 60 percent. (The 2021 low of $244.61 is also in the middle of this price area.)
The second consideration is the 50 percent retracement of the drop from META’s all-time high through last November’s low. That’s located at $236.21.
Either way, these approaches may suggest another 10-15 percent of space to the upside.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
Today’s chart uses 2-day candles to highlight some potentially important levels.
The first price zone is about $5.50 on either side of $242. The top of that area is near a bearish price gap on February 3, 2022, after a poor earnings report. The bottom of the zone matches the April 2022, which was followed by a drop of more than 60 percent. (The 2021 low of $244.61 is also in the middle of this price area.)
The second consideration is the 50 percent retracement of the drop from META’s all-time high through last November’s low. That’s located at $236.21.
Either way, these approaches may suggest another 10-15 percent of space to the upside.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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