Meta is already fallen ~58% from it's peak price but still didn't shown any sign of reversal, people are worrying on buying Meta and always thinking about when is the right time to buy Meta or facebook.
Meta, Previously known as facebook. Meta is the company working for social networking services. It was started by Mark Zuckerberg with fellow Harvard college students and friends. Meta is also part of US FAANG stocks, these are the stocks which are one of most valued and on news stocks in USA. FAANG stands for- Facebook, Amazon, Apple, Netflix, Google. But as the few of the companies changes it's name then people also changed this acronym as MAMAA (Meta, Alphabet, Microsoft, Amazon and Apple)
Meta Monthly Chart -
Here is the technical chart of meta stock. Here you can see Stock is continuously falling from many months as the users of facebook is decreasing in many of the countries and one also reason is Mark is started to work more on Meta world instead of making Facebook and instagram more safer for it's users.
Above is the monthly technical chart of Facebook. Here one can see that Meta is taking support on it's longterm trendline. If this supports hold then one can expect a sudden bounce in it and first possible target for it is 210 as per chart.
Read Also : When to Buy Tesla ?
Meta Weekly Chart -
Here we also sharing weekly chart of Meta is because in weekly chart Meta is making Bullish divergence on RSI with price. After making of positive divergence generally it is shown as stock gives a good bounce after it.
As per weekly chart if bounce occur then we can expect target of 230 and 295 in next few months.
For me the only concern is last week negative candle forms in chart. After crossing this candle high on weekly closing basis we can expect recovery in facebook stock. Consider this candle High 183.81 as resistance in weekly chart.
Disclaimer- Above views are my personal not any trading advice. please consult with your financial advisor before Taking any call.
