Last Updated: Oct 29, 2024 11:16:18 AM (GMT)
META/USD: The current market price stands at 588.84, down 0.08% from the previous close. Today's high-impact economic data, including the USD Goods Trade Balance and JOLTs Job Openings, may influence market trends, with expectations of a slight drop in the trade balance from -94.26 to -96.1 and JOLTs dropping from 8.04 to 7.99.Support and Resistance Levels Support levels are identified at 586.96, 584.86, and 583.31, while resistance levels are at 591.97, 592.13, and 593.9. The pivot point is set at 590.09.Indicators The RSI is at 42.82, indicating a neutral sentiment. The ADX is at 25.49, signifying a strengthening trend, while the Parabolic SAR is positioned at 586.5, suggesting potential bullish movement. The 50-day SMA is 584.79, indicating a bullish outlook with the market price above this level.Market Sentiment Given the current price is below the pivot point of 590.09 and mixed indicators, a bearish scenario is predicted.
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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