Today, we turn our attention to Meta Platforms (formerly Facebook), which is showcasing remarkable bullish momentum as it sits on long-term highs. The technical landscape for this stock presents a compelling case for further gains, as buyers demonstrate strong control over key levels.
Meta recently defended a significant horizontal support level at $545, marked in orange on the chart. This successful defense set the stage for a powerful upward move. Following this, the price climbed back above the black uptrend line, restoring its alignment with the broader bullish trend.
The pivotal moment came with the breakout above the psychological barrier at $600, marked with green lines. This level had acted as a critical horizontal resistance, but buyers decisively breached it, confirming their strength. The absence of any rejection at higher levels further reinforces the dominant demand for the stock, suggesting sustained buying interest.
The sentiment for Meta remains positive, with a clear signal to buy in place. This outlook holds as long as the price stays above the green horizontal support at $600 and the black uptrend line. These levels now act as critical support zones, safeguarding the bullish scenario.
Any retreat below the green horizontal support or a break below the black uptrend line could invalidate the current buy signal. However, given the current strength and the absence of selling pressure at higher levels, this seems less likely in the near term.