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Meta Platforms Stock To Move Towards Resistance

By Stock MarketsFeb 07, 2022 05:56AM ET
www.investing.com/analysis/meta-platforms-stock-to-move-towards-resistance-200617283
Meta Platforms Stock To Move Towards Resistance
By   |  Feb 07, 2022 05:56AM ET
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When we look at the Meta Platforms (NASDAQ:FB) chart, we can see the massive selloff after the company announced their first-ever decline in users for this past quarter and the rising threat of their competitor, TikTok.

This caused the wipeout of more than $250 billion from their market value, and the share price dropped more than 22% from the $320 level where it was trading before the announcement to the $230, where it found support.

It was last found trading at $237 with the closest overhead resistance of $250 and the closest support level at $230. Today we can expect a move towards the $250 resistance, as this selloff may indicate traders to buy the dip, expecting a rebound.

If, however, it doesn’t manage to hold on to the current level, a move towards the $230 support can be expected.

Meta Platforms stock price chart.
Meta Platforms stock price chart.

Meta Platforms Stock To Move Towards Resistance
 

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Meta Platforms Stock To Move Towards Resistance

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