Current trend

Shares of Meta Platforms Inc., an American multinational holding company that owns a technology conglomerate and the largest social network Facebook, are trading in a corrective trend around the 502.00 mark.

Yesterday, it became known that the management refused the offer of Alphabet Inc. about sharing Google's Android XR platform for Quest augmented reality headsets. Earlier it was reported about the search for a new platform, but the plans are for its full acquisition, not a partnership, so negotiations with LG Electronics on the purchase of their product look more promising.

It also became known that Meta Platforms Inc. plans to release a new version of its language model with built-in artificial intelligence (AI) Llama 3 in July. It is assumed that the new model will be able to recognize complex queries using jargon expressions, which has not yet been achieved in Google's main competitor Gemini AI.

The financial report is scheduled for publication on April 24: the estimated revenue of the emitter may decrease from 40.11 billion dollars to 36.01 billion dollars, the forecast for earnings per share (EPS) also assumes a reduction from 5.33 dollars to 4.24 dollars.

Support and resistance

On the D1 chart, the instrument is moving in a global uptrend and is held above the yearly high of 500.00.

Technical indicators hold the buy signal, gradually strengthening it: the fast EMAs of the Alligator indicator continue to move away from the signal line, and AO histogram, being in the purchase zone, forms correction bars again.

Support levels: 486.00, 453.00.

Resistance levels: 510.00, 550.00.

Trading tips

If the local growth of the asset continues and the price consolidates above the resistance level at 510.00, one may open long positions with the target of 550.00 and stop-loss of 490.00. Implementation time: 7 days and more.

If the downward movement continues and the price consolidates below the local support at 486.00, one can open short positions with the target of 453.00 and stop-loss of 500.00.