Meta Platforms: Record Closing High ($776) & Trading 35% Higher

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Previous Post: Meta Platforms: Potential Breakout & Target Price - Thursday, 12 September 2024

Real-Time: 19h12 (South African Time) / U.S Trading Session

Ticker: FB

Formerly known as Facebook Inc, the share has shown relative strength, holding near it's multi-year highs however not having made much progress since the first quarter of this year.
This could change as the price looks to re-test it's overhead resistance of $543 upon which strong price action/candle structure would suggest a move into a new trading range and a continuation of the multi-year upward trend.
Here, an upside target of $672 applicable, with the setup being invalidated on a weekly close below $490.

Note: Meta Platforms (Facebook) was an idea flagged through my model nearly 2 years ago at $90. Now trading above $522!

Lester Davids

Analyst: Unum Capital

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