Meta stock downgraded from Strong Buy Candidate to Buy Candidate after Friday trading session.StockInvest.us, 3 months ago
No changes to the price of Meta stock on the last trading day (Friday, 2nd Jun 2023). During the last trading day the stock fluctuated 1.56% from a day low at $271.13 to a day high of $275.35. The price has risen in 7 of the last 10 days and is up by 10.44% over the past 2 weeks.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $273.83 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 38.95% during the next 3 months and, with a 90% probability hold a price between $334.10 and $380.48 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 $262.34 and $237.36. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 01, 2023, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.
On the downside, the stock finds support just below today's level from accumulated volume at $240.32 and $238.56.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 $240.32. If this is broken, then the next support from accumulated volume will be at $238.56 and $204.93.
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 $4.22 between high and low, or 1.56%. For the last week, the stock has had daily average volatility of 2.71%.
The Meta stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Meta stock to perform well in the short-term.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.Check full Meta forecast and analysis here.