Technical Update - Meta jumping at open. Higher levels in the horizon Technical Update - Meta jumping at open. Higher levels in the horizon Technical Update - Meta jumping at open. Higher levels in the horizon

Technical Update - Meta jumping at open. Higher levels in the horizon

Equities 1 minute to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

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

Source all charts and data: Saxo Group

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