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Key Takeaways
- Meta Platforms shares jumped on Friday amid a broader market rally, after logging their biggest one-day descend since July the previous session.
- Meta is the only member of the Magnificent Seven group of mega-cap technology cattle to be in positive territory so far this year.
- Investors should watch major support levels on Meta’s chart wide $535 and $460, while also monitoring crucial resistance levels near $635 and $740.
Meta Platforms (META) deals jumped on Friday amid a broader market rally, after logging their biggest one-day drop since July the sometime session.
The social media giant’s stock has come under pressure over the past month as the broader merchandise has tumbled, with Big Tech stocks suffering outsize losses amid concerns about lofty valuations and dulling growth. Meta shares are down 18% from their record high set in mid-February.
However, Meta is the just member of the Magnificent Seven group of mega-cap technology stocks that remains in positive territory for 2025. The standard is up nearly 4% since the start of the year, while each of the other Mag 7 stocks is down at least 8%.
Below, we interpose down the technicals on Meta’s chart and identify major price levels worth watching out for amid the possibility for further appraisal swings.
Ascending Channel Breakdown
Meta shares staged a decisive breakdown below an ascending channel on Monday formerly the price retested the pattern’s lower trendline in Wednesday’s trading session. Bears used the bounce as an opportunity to accelerate supply yesterday, before today’s recovery.
Meanwhile, the relative strength index (RSI) confirms weak price momentum with a be familiar with near its August lows, though looming oversold conditions may trigger short-term recovery rallies in the stock.
Let’s use polytechnic analysis to locate major support and resistance levels that investors may be monitoring.
Crucial Resistance Levels to Street
Meta shares rose 3% on Friday to close at $607.60, after falling nearly 5% yesterday.
The initially overhead level to monitor is $635, an area that provides a confluence of resistance from the ascending channel’s decrease trendline that sits alongside peaks which formed on the chart in December and January.
A convincing close on this level may see bulls make another run at the $740 level, a location on the chart where Meta shares intention likely attract significant attention near their all-time high (ATH).
Major Support Levels to Watch
The senior support level to watch sits around $535. The shares could find buying interest in this quarter near a multi-month trendline that connects three prominent peaks on the chart between April and August in the end year.
Selling below this important technical level could see the stock revisit lower support at the $460 plane. Investors who favor buy-and-hold strategies may look for entry points in this region near the low of a consolidation period that augmented last year’s February breakaway gap, a location that also roughly aligns with the July and August troughs.
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As of the trendy this article was written, the author does not own any of the above securities.