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META Eyeing Key Support Ahead of Earnings

META Eyeing Key Support Ahead of Earnings, FP Markets


Meta Platforms Inc (META) is poised to report earnings after today’s market closes. The consensus EPS estimate is approximately $1.96 for the fiscal quarter ending March 2023 versus the same quarter a year prior at $2.72.

Technical Position for META

Since bottoming at $88.09 in early November (2022), the stock price has staged an impressive rally of more than 130% to test weekly resistance at $218.57 and trendline resistance taken from the all-time high $383.79. As you can see from the weekly chart, this level is accompanied by an overbought signal out of the Relative Strength Index (RSI). Week to date, we are lower by 2.51%, following last week’s rejection from the said resistance level.

Yesterday’s action dipped lower on the daily timeframe and cast light towards support at $205.49. Just south of here, nearby ascending support, drawn from the low $167.66, also warrants attention. Additionally, the RSI is testing the upper edge of the 50.00 centreline, with a break under this mid-point informing traders and investors that average losses exceed average gains: negative momentum.

Shorter term, the H1 chart is entrenched within a descending channel extended from between $220.47 and $212.93. the stock is nearing the channel support as the RSI also closes in on oversold territory.

Interestingly, you will note that the H1 channel support converges closely with the daily support mentioned above at $205.49, along with the daily timeframe’s RSI testing 50.00 support and the H1 RSI testing oversold space. This means the $205ish neighbourhood could be an interesting technical location to monitor. However, bear in mind where we’re coming from on the weekly timeframe: weekly and trendline resistance. Therefore, any rebound attempt could be short-lived.

META Eyeing Key Support Ahead of Earnings, FP MarketsCharts: TradingView


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