Meta stock price is maintaining its bullish outlook after surging to fresh yearly highs earlier this week. The US equities, in general, and the tech stocks in particular, are experiencing strong buying pressure due to the weakening US dollar and the falling bond yields.
Currently, the stock of the Facebook parent is changing hands at $333.2 in the pre-market hours on Friday. The stock is set to close the week the third consecutive green week after an intense sell-off in October.
Consequently, a retest of the $352 now seems to be on the cards as the following NASDAQ: META chart shows a breakout above the range highs of $327.5. This bullish outlook is supported by the recently released Q3 earnings report which revealed a $34.15 billion in revenue. This was a 23% increase on a YoY basis.
If you are long on the Meta stock price, then you must carefully watch the $326 level as a breakdown below this level will invalidate the bullish forecast for the stock of the social media giant.
This post was last modified on Nov 17, 2023, 13:40 GMT 13:40