Weaker technical forecast for Meta as stock downgraded to Sell Candidate.StockInvest.us, 2 months ago
The Meta stock price fell by -3.66% on the last day (Friday, 15th Sep 2023) from $311.72 to $300.31. During the last trading day the stock fluctuated 4.44% from a day low at $298.75 to a day high of $312.00. The price has been going up and down for this period, and there has been a 1.49% gain for the last 2 weeks. Volume has increased on the last day by 8 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 26 million shares were bought and sold for approximately $7.95 billion.
On Sep 07, 2023, it was reported that Morgan Stanley gave META a "Overweight" grade with a "hold" action.
The stock lies in the middle of a wide and weak 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 3.13% during the next 3 months and, with a 90% probability hold a price between $295.30 and $341.36 at the end of this 3-month period.
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. The Meta stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $303.27 and $301.70. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, September 14, 2023, and so far it has fallen -3.66%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Meta finds support from accumulated volume at $291.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $13.25 between high and low, or 4.44%. For the last week, the stock has had daily average volatility of 2.86%.
The Meta stock holds several negative signals and despite the positive trend, we believe Meta will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.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 Sell candidate.Check full META forecast and analysis here.