Meta Platforms, Inc. (symbol ‘META’ made a full recovery of the losses incurred in the fourth quarter of 2022 and is currently in a bullish momentum. The company’s earnings report for the fiscal quarter ending December 2022 is set to be released on Wednesday 1st of February, after market close. The consensus EPS for Q4 is $2,21 compared to Q4 2021’s $3,67.
‘META shares gained approximately 2.8% on Monday to close the day trading at $143.27 up approximately 20% year to date. The company after the massive layoffs of around 13,000 employees is looking forward and have recently announced a strategic partnership with NBA that will allow fans to purchase NBA-licensed apparel in the Meta Avatars Store and authenticated NBA League Pass access in Xtadium (The home of sports in the metaverse).’ said Antreas Themistokleous at Exness: ‘Even though EPS is lower than the respective one of Q4 in 2021 its is still higher than Q3 indicating the share is performing relatively well to overcome the difficulties lying ahead’
From the technical point of view the stock has performed very well covering the losses of the last quarter and currently performing well above all the technical resistances of all the moving averages. The price also manages to make a valid break above the daily bearish trendline and is currently trading between the upper band of the Bollinger bands and the 61.8% of the daily Fibonacci retracement level.
With the Stochastic oscillator in the extreme overbought for almost a month and the upper band of Bollinger bands possibly acting as a resistance, we might witness a correction to the downside in the following sessions before resuming the overall bullish momentum. If this is the case then we might see some support around the $130 price area which is just above the 50% of the Fibonacci retracement and also the psychological support of the round number.