Today’s instrument is the Meta Platforms Inc.‘s stock traded on the Nasdaq exchange under the ticker FB. 

When we look at the FB‘s chart, we can see its downward trend extend in this week also, falling from the $203 level to the $185 on the 26th of April attempting to consolidate but failed, leading to the fall into the $170 range where it attempted to form support. It was last found trading at the $175.17 range above the $170 temporary support and closest overhead resistance at the $188 range.

Meta Platforms Inc. had scheduled a quarterly earnings announcement yesterday 27/04/2022, in an after-hours session. Earnings expectations were surpassed, so we could expect the price to move upwards, towards the $205. 

Today we can expect a move above the $188 closest resistance level, possibly in the $200 range.

If however, it doesn’t manage to hold on to the current level then a move towards and below the $170 closest temporary support level can be expected.

(Click on image to enlarge)