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News

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Asset Watch

Has Meta Platforms woven the perfect thread?

 

Wednesday, July 12, 2023

Big Tech has continued its 2023 dominance, largely due to the NASDAQ 100 ignoring the recent rise in interest rates. And with Meta Platforms among the top performers, the social media giant has turned 2022 jeers into 2023 cheers.
As Meta Platforms’ new Instagram “Threads” becomes a direct competitor to Twitter, CEO Mark Zuckerberg wrote on Jul. 10 that “Threads reached 100 million sign-ups over the weekend. That’s mostly organic demand and we haven’t even turned on many promotions yet. Can’t believe it’s only been 5 days!”
Cloudflare CEO Matthew Prince also said Twitter traffic was “tanking,” showing Meta Platforms could be a major winner of the social media standoff.

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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