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The Meta stock price gained 3.63% on the last trading day (Thursday, 16th Mar 2023), rising from $197.75 to $204.93. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.93% from a day low at $196.09 to a day high of $205.76. The price has risen in 6 of the last 10 days and is up by 17.42% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $10.39 billion.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 57.89% during the next 3 months and, with a 90% probability hold a price between $296.84 and $360.86 at the end of this 3-month period.
The Meta stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $189.11 and $176.42. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 27, 2023, and so far it has risen 20.87%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
On the downside, the stock finds support just below today's level from accumulated volume at $191.62 and $188.77.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Meta finds support just below today's level at $191.62. If this is broken, then the next support from accumulated volume will be at $188.77 and $186.53.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $9.67 between high and low, or 4.93%. For the last week, the stock has had daily average volatility of 4.24%.
Meta holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full META forecast and analysis here.