Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Technical Update - Meta Platforms is in a strong uptrend, eyeing new all-time highs
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
- Meta Platforms strong uptrend is paving the road towards new all-time highs. Eyeing 600
Meta Platforms is in an uptrend, trading in a rising channel-like pattern and seems likely to push higher towards its all-time highs around 531.49.
On both daily and weekly time periods, the strength indicator RSI is showing positive sentiment, and no divergence supports the view that META is likely to make a new all-time high. The Fibonacci projections on the weekly chart indicate META could push towards the 567–576 level in the short- to medium-term, which are the 1.618 projection of the 2021–2022 bearish correction (blue Fibonacci lines—previous peak was within a few cents of the 1.50 projection at 532.45) and the 1.382 projection of the April 2024 correction (red Fibonacci levels), respectively.
However, since META could find itself in uncharted territory, there is no natural resistance level, so META could push higher towards the 600 level.
For the short-term bullish scenario to be demolished, a daily close below 453 is required. A close below 492 could put it in jeopardy. However, for the medium-term bullish picture to be reversed, a close below 414.50 is required
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