Last Updated: Oct 03, 2024 10:16:05 AM (GMT)
META/USD: The current market price is 571.50, reflecting a change of +1.20% from the previous close. Today's high-impact economic events, including Australia's Balance of Trade improvement forecast from 6.009 to 9.7, may support the bullish trend.
Support and Resistance Levels The current support levels are at 560.00, 550.00, and 540.00, while resistance levels are identified at 580.00, 590.00, and 600.00. The pivot point stands at 570.50.
Indicators The RSI is at 57.77, indicating neutral momentum. The ATR is recorded at 2.634, suggesting moderate volatility. The ADX is at 41.82, signaling a strong trend. The 50-day SMA is 563.03 and the 200-day EMA is 550.00, indicating upward momentum.
Market Sentiment Since the market price is above the pivot point (570.50), the outlook appears bullish, supported by a rising ADX and positive SMA relationships.
META has this year gone up by 50%. This is despite a tough 2022 and indicates it s a good time to consider the Facebook stock as a buy. However, note that the significant gains could be the result of the company's sharp drop in 2022. The aftermath rebound shows that the stock is on time this year to grow and pay off investors.
The general outlook for META is somewhat stagnant due to lagging advancement across VR/AR technologies. META seems highly invested in building the Metaverse, and could significantly rely on the mentioned technologies. While there seems to be an upward rebound trajectory, this is not enough information to conclude a bullish prediction. Again, it's not fair to dismiss the stock as bearish given its endurance through the tough 2022.
META's stock is influenced by both tech-industry force and company perfomance. In 2022, the tech industry slumped, however, META witnessed its stock fall below the tech-heavy NASDAQ 100 index. Advancement across the VR/AR industry is also likely to affect the price of Facebook stocks.