Stronger technical forecast for META stock price after Thursday trading.

The META stock price gained 1.19% on the last trading day (Thursday, 1st Feb 2024), rising from $390.14 to $394.78. During the last trading day the stock fluctuated 1.89% from a day low at $393.05 to a day high of $400.49. The price has risen in 7 of the last 10 days and is up by 4.96% 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, 3 million more shares were traded than the day before. In total, 23 million shares were bought and sold for approximately $9.14 billion.

On Jan 31, 2024, it was reported that Needham gave META a "Buy" grade with a "hold" action.

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 22.94% during the next 3 months and, with a 90% probability hold a price between $448.12 and $497.59 at the end of this 3-month period.

The META stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $394.86. On a fall, the stock will find some support from the long-term average at approximately $364.59. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. 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 Monday, January 29, 2024, and so far it has fallen -1.56%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $370.47 and $334.92.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 $370.47. If this is broken, then the next support from accumulated volume will be at $334.92 and $325.28.

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 $7.44 between high and low, or 1.89%. For the last week, the stock has had daily average volatility of 2.05%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.