Meta Platforms (META) is taking a huge hit post earnings, down over 9%. But here’s where it gets interesting, is that it sets up to open up right on a key support level going back to ’24, and has been tested three times already and each time it held.
Prior to today, the stock had been in a very choppy and unpredictable range going back to November of last year. But with support being tested, and if it can’t hold, you open the door to a massive topping pattern confirming, with very little support underneath. In fact, I would say there is scant support underneath price, outside of previous higher-lows, and that isn’t the kind of support that I would lean on.
Essentially, this stock is at a crossroads and how it handles this support level, will determine how this stock does going forward.
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