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Last Updated: Dec 20, 2024 04:16:17 PM (GMT)
META/USD: The current market price is 566.77, reflecting a 0.45% increase from the previous close. Today's high-impact international economic events are likely to influence market sentiment, with a focus on the upcoming Core PCE figures. Analysts predict a stabilizing effect, as the Core PCE Index YoY is expected to maintain at 2.9%.Support and Resistance Levels Support levels are identified at 560.3, 558.9, and 557.9, while resistance levels stand at 569.4, 570.0, and 571.5. The pivot point is located at 564.5.Indicators The RSI is around 54.91, indicating bullish momentum; ATR is 5.98, suggesting moderate volatility. The Parabolic SAR shows a consistent upward trend with values around 566.4, reflecting a bullish stance. The 50-day SMA at 561.54 supports the upward movement, while the 200-day EMA confirms bullishness as well, remaining aligned with recent price action.Market Sentiment Given that the market price is above the pivot point of 564.5 and supported by bullish indicators, a bullish scenario is anticipated.
META has this year gone up by 50%. This is despite a tough 2022 and indicates it s a good time to consider the Facebook stock as a buy. However, note that the significant gains could be the result of the company's sharp drop in 2022. The aftermath rebound shows that the stock is on time this year to grow and pay off investors.
The general outlook for META is somewhat stagnant due to lagging advancement across VR/AR technologies. META seems highly invested in building the Metaverse, and could significantly rely on the mentioned technologies. While there seems to be an upward rebound trajectory, this is not enough information to conclude a bullish prediction. Again, it's not fair to dismiss the stock as bearish given its endurance through the tough 2022.
META's stock is influenced by both tech-industry force and company perfomance. In 2022, the tech industry slumped, however, META witnessed its stock fall below the tech-heavy NASDAQ 100 index. Advancement across the VR/AR industry is also likely to affect the price of Facebook stocks.
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