According to the Meta Platforms (META) stock chart, the current price is hovering around $560, which is less than 2% away from the all-time high of over $570, recorded on 23 September.
The stock saw a notable rise of around 3.80% in a single day on 19 September, driven by increased demand following the Federal Reserve’s move to loosen monetary policy.
From a technical perspective:
→ The price is trending within an ascending channel (marked in blue and constructed using linear regression), with the stock now positioned in the upper half of this range.
→ Before breaking the key resistance level at $540, the stock formed a bullish “inverse cup and handle” pattern, which also aligns with another bullish formation, the “inverse head and shoulders.”
→ The gap up that occurred on 19 September could act as a significant support level, keeping the price above the former resistance at $540.
Whether Meta Platforms (META) will continue its upward trend largely depends on the outcome of today’s Meta Connect conference.
According to Barron’s:
→ Meta’s CEO, Mark Zuckerberg, will deliver the opening speech, where he is expected to discuss the company’s advancements in artificial intelligence and unveil new products.
→ The Verge speculates that Meta may introduce new versions of its Quest 3 virtual reality headset as well as Ray-Ban Meta smart glasses.
If these announcements are well-received, the META stock price could climb toward the upper boundary of the channel. However, if investors are left underwhelmed, the $540 support level might come under pressure.
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