Meta Makes Rare Break From This Long-Term Pattern: The Bull, Bear Case For Facebook Stock
Portfolio Pulse from Melanie Schaffer
Meta Platforms, Inc (NASDAQ:META) was trading slightly higher, breaking up from a rising channel amid reports of the company's artificial intelligence model set to launch. If the stock continues to hold support above the upper ascending trend line, it will serve as a bullish break. However, if Meta falls back into the channel pattern, it could serve as a shorter-term bull trap. Meta has resistance above at $315.88 and $325.18 and support below at $299.50 and $287.63.
July 13, 2023 | 3:57 pm
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Meta Platforms' stock is trading higher amid reports of its AI model launch. If it continues to hold support above the upper trend line, it could indicate a bullish break. However, if it falls back into the channel pattern, it could be a short-term bull trap.
The news of Meta's AI model launch has led to a slight increase in its stock price. If the stock continues to hold support above the upper ascending trend line, it could indicate a bullish break, which is positive for the stock. However, if the stock falls back into the channel pattern, it could serve as a short-term bull trap, which could negatively impact the stock price in the short term.
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IMPORTANCE 80
RELEVANCE 100