Technical Update - Meta Platforms (Facebook) share price back to 2016 levels. But there could be more misery for the troubled investors
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Meta Platforms (Facebook) is set to open around $100 today which is 22% lower from close of yesterday. Share price is now back to 2016 level close to the 0.786 Fibonacci retracement from all-time lows in 2012 to all-time highs last year at 96. Meta is likely to dip lower however, to support at around 90.
If Meta breaks below 90 there is downside risk to around 72.50.
A close around $100 today will most likely result in divergence on weekly RSI will be cancelled indicating lower levels are likely in the near future.
The share price is likely to break bearish out of an already steep falling channel/wedge like pattern i.e., selling has accelerated.
For Meta to reverse the continued bearish trend on medium term horizon a close above 237 ! is needed. Short-term down trend will be reversed above 184.
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