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Asset Watch
Wednesday, July 12, 2023
Even though the stock is already enjoying a furious run and ended the Jul. 10 session near weekly resistance, a few key technical levels need monitoring. The Jul. 10 close of $294.10 is near the August and November 2020 closing highs, and five intraweek rallies above the area failed before Meta Platforms broke out in March 2021.
However, as the 2021 momentum gained steam, the stock found continuous support at its 9-week moving average en route to an all-time high. A similar development presents itself now, with the price action on the right side of the chart showing how the 9-week MA ($276.29) has ended mild pullbacks and kept the uptrend alive.
So, is Meta Platforms a buy at its 9-week MA, or is a breakdown more likely?
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