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Asset Watch
Thursday, March 2, 2023
When the company reported weak third-quarter earnings in October, the stock cratered en route to its 2022 low. More importantly, a meaningful gap emerged as the after-hours plunge caused the stock to open much lower the next day. However, the gap was eventually filled during Meta Platforms’ 2023 ascent.
The Q4 earnings outperformance in February sent the stock soaring by more than 20%, and another large gap is now present. It remains unfilled though, so Meta Platforms has to decline to $153.58 to achieve the milestone. For context, it requires a more than 12% decline from the Feb. 28 close.
Likewise, its daily RSI remains elevated and the 20-day MA is now resistance. As a result, should we expect a short-term pullback, or will the advertising giant continue its rapid rise uninterrupted?
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