If we look at the FB Monthly chart, we can see it managed to form a new support level at $308.56 within the past week, trying to reverse the downtrend since the fall from its all-time highs in early September. Facebook announced that is changing its name to Meta as it refocuses its attention on virtual reality, an exciting frontier for the future of communication. The market reaction was favorable, but nothing close to substantial, capable of shifting the tide. Its last traded price was around $323, above its temporary support level of $321 and overhead resistance of $330.
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Today, we could expect a pattern continuation and another move above the $326 level extending its gains.
If however, it doesn’t manage to hold the current level then a move below the $321 could be possible.
(Click on image to enlarge)
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