Meta stock (NASDAQ: META) price pierced below the $325 level on Thursday. This level was supposed to act as a strong support after the price broke above it earlier this month. Nevertheless, the stock of the social media giant stood at $323.25 at press time.
The price action was the same for the stocks of other tech giants as well. However, Nvidia and Meta faced the most selling pressure and plummeted 2.94% and 2.74%, respectively.
The last day of November was packed with economic data, including the PCE numbers and the jobless claims. While these reports showed ease in PCE inflation and the loosening job market, they still were not enough to keep the stocks in an uptrend.
In my last NASDAQ: META analysis, I explicitly mentioned the $325 level as my invalidation level for the bull case. At the moment, the price is trading below this level. If the stock gains acceptance below this level, then Meta stock forecast will flip extremely negative with lower price targets on the cards.
This post was last modified on Nov 30, 2023, 16:54 GMT 16:54