Meta Platforms CEO Mark Zuckerberg is expected to announce the Meta Quest 3 headset at an upcoming event. Improvisation features such as eye-tracking recognition along with facial expressions will be included.
The event will showcase the company’s recent immersive technology products for artificial intelligence (AI) and the metaverse. The Meta Quest 3 headset is a virtual reality (VR) device. Meta stock has a float of 2.215 billion shares and a market capitalization of $769.581 billion. Meta stock’s average volume over the past 10 days was 18.908 million and current volume is 12.37 million.
Meta stock’s trailing-twelve-month earnings per share (EPS) was 8.64 and its price-to-earnings ratio for the same period was 34.47. Meta stock CMP is $299.08, with an intraday increase of 1.13%. Its latest quarterly report for the period ended June 2023 showed sales of $32 billion, net income of $7.79 billion and profit margin of 24.34%.
Meta’s most recent quarterly balance sheet (quarter ending June 2023) reports total assets of $206.69 billion and total liabilities of $72.66 billion.
Technical analysis of META stock price on 1-D timeframe
Price action shows that Meta Platforms, Inc. (NASDAQ: META) stock has been on an upward trend since last year, hitting highs and lows and increasing its performance by 111.29%.
As of this writing, META stock is facing resistance from its last earnings report and has managed to fall on the downtrend line.
Therefore, if META price fails to maintain its current level and falls, it may reach the nearest support levels of $292 and $277. However, if the current levels hold, META price may continue to rise and reach the first and second resistance levels at $310 and $326.
At the time of publishing this article, Meta Platforms, Inc. (NASDAQ: META) is trading below its 20-day EMA (exponential moving average), which bucks the Meta price trend and could lead to more selling. If it stacks up, the meta price may conquer the support EMA. , supports the level by lowering the highs and lows.
The current value of RSI is 49.41 points. 14 SMA is above the median line of 52.83 points. This shows that Meta stock is rejected from the 14 SMA line and is bearish.
The MACD line at 0.7238 and the signal line at 0.9743 are above the zero line and both lines cross each other. A bearish crossover was observed in the MACD oscillator, which may indicate further bearishness in the meta stock price.
Investors and traders are bearish on Meta Platforms, Inc. (NASDAQ: META) stock in daily time frame. Price action reflects a bearish outlook at the time of publication as price faces trendline resistance. Technical analysis oscillators and moving averages of the meta price emphasize negative signals and suggest that the downward trend in the stock price may continue.
- support level: $292 and $277
- Resistance level: $310 and $326
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