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Technical Update - Meta Platforms gapping higher after Earnings eyeing all-time highs
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Meta Platforms (Facebook) is indicated to open 10% higher at around 328 following Earnings release After Hours yesterday (indicated by dashed red horizontal line).
That would mean there is a good chance the RSI on daily chart could be traded out, it requires an RSI value above 83.85. At the very least the falling trendline on RSI should be broken indicating higher levels.
On the weekly chart Meta Is set to open above the 0.786 retracement at around minor resistance level from before Meta got hit by heavy selling in January 2022 – see weekly chart. If Meta doesn’t collapse next couple of days there is room to strong resistance at around 353 before its all-time highs at around 384.
Positive weekly RSI with no divergence is supporting higher levels in Meta.
To reverse this strong uptrend a close below 288 is needed.
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