Last Updated: Feb 21, 2025 04:17:32 PM (GMT)
META/USD: The current market price is $703.97, reflecting a slight decrease of 0.5% from the previous close. Today's significant economic reports have likely impacted the market, particularly the US S&P Global Manufacturing PMI, which is expected to drop to 51.3 from 51.2.Support and Resistance Levels: Support levels are identified at $700.00, $696.00, and $692.00, with resistance levels at $710.00, $714.00, and $718.00. The pivot point is situated at $706.00.Indicators: The current RSI is at 64.89, indicating overbought conditions. The ADX indicates a strong trend at 38.67, while the ATR reflects low volatility at 6.41. The Parabolic SAR shows a bullish signal, continuously trending upward.Market Sentiment: Given the price is below the pivot point of $706.00 and indicators suggest overbought conditions, a bearish scenario is likely.
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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