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.