Photo by Brett Jordan from Pexels
Today’s instrument is the Meta Platforms Inc.’s stock traded in Nasdaq exchange under the ticker FB.
When we look at FB’s chart, we can see the huge selloff after Meta Platforms Inc. 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 be an indication for traders to buy the dip, expecting a rebound.
If however, it doesn’t manage to hold on to the current level then a move towards the $230 support can be expected.
(Click on image to enlarge)
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