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Asset Watch
Tuesday, January 30, 2024
While the technical backdrop remains fruitful, you should monitor a few critical levels before deploying capital. For starters, Meta Platforms has broken out to new all-time highs, surpassing the peak set in late 2021. However, it’s prudent to wait for further confirmation, as one week’s close is not enough evidence for verification.
In contrast, Meta Platforms’ 20-week moving average (the blue line) acted as resistance throughout the 2022 collapse and has been reliable support during the 2023/2024 comeback.
If the stock can confirm the breakout and hold above $384, it could fuel further upside. If not, and an earnings miss leads to a breakdown, the 20-week MA near $334 could provide a great entry point.
So, will the breakout hold and help the stock surpass $400, or does it retest the 20-week MA before moving higher?
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