Is the Meta Platforms Stock Price Heading Toward the $380 Level?

• The price is trading above the 50-day and 100-day Exponential Moving Averages.
• The price has surged by over 117% in a year.
• Meta’s stock revenue has surged significantly in the last 6 years.

The market capital of Meta – $768.14 Billion

The current market price of Meta stock – $298.25

The Meta Stock Overview

The Meta stock price is currently trading with a slight decline of 0.42 or 0.14%. The price has witnessed a minor decline of 1.71% in a week. However, the stock has surged by over 4% in a month and 117% in a year. It indicates that the buyers are dominating the price throughout the year. 

The Meta company’s revenue has risen significantly over the years. In 2016 the revenue of the company was $27.64 billion, which has surged massively to $116.61 Billion in 2022. A tremendous rise of over 320% in just 6 years which is not an ordinary thing. However, the net income of the company has witnessed a massive decline of over 41% in a single financial year. 

If we consider the net debt of the company, the company is in a cash surplus of $13.75 Billion. The company can repay its debt whenever the management wants to do so. The company has never paid any dividends to its shareholders, which makes this company a big NO-NO for dividend-seeking investors. 

Technical Analysis of Meta Stock

Meta’s stock price has been trading between the range of $325 and $275. The price has formed multiple gaps in this uptrend, which can act as a support level for the price. However, it can be the reason the stock can show some downside in filling these gaps. There is a huge gap in the price between the level $241 and $229, and the second big gap is between the price of $167 and $153.

The price has formed multiple demand and supply zones over a period of time. The major resistance a stock can face is near the level of $350, which is marked as Resistance 1. Another resistance level is present near the level of $380. If we consider the support level, the support zone is present near the price of $230 which is marked as support 1 on the chart. Support 2 is present near the price of $210.

The stock’s price is trading above the 50-day and 100-day Exponential Moving Averages. Both the EMAs i.e. 50 and 100 are present at the price of $296.52 and $279.70 respectively. The Relative Strength Index (RSI) is placed above the 50-level mark but the slope of the RSI is downward. It indicates that bulls are losing momentum. 

Conclusion

The price is currently in a strong uptrend and if the price breaks the resistance level of $326, it can try to achieve the level of $350. If the price breaks the level of $275 on the downside, it can unlock the lower level of $230

Technical levels

Resistance -$275 and $230

Support -$326 and $350

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.