Technical Analyst, Saxo Bank
Summary: Meta opened bang on key resistance level. Trend is up on both short- and medium-term strongly indicating higher levels. Closing today could be key short-term
Meta jumped 20% at open after earnings released yesterday. The stock opened within few cents of the resistance at 183.60. If Meta closes above the resistance level there is more upside potential short-term to strong resistance at around 200 and medium-term to resistance at around 234.35 where the weekly SMA will provide some resistance.
If Meta closes the day below 183 we could see it slide lower over the next few days possibly testing the support at around 170.92 before buyers are likely come back in regaining control lifting the share price higher.
Trend is up both short- and medium-term supported by RSI being above 60 with no divergence.
For Meta to reverse the uptrends a close of the gap at the open needs to be closed
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Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.