Get your Goggles (is that what they’re called?) and let’s dive into the Meta-Chart. $FB – December 30, 2021
This is Scott with your Chart of the Day. I want to take a look at Facebook or Meta ( NASDAQ: FB ) I guess. I don’t know what happened in your household over the holidays but Santa brought my kids an Oculus Quest 2 and they absolutely love it.
It is actually quite amazing, I tried it on for the first time the other day and it was such a nice escape. For a moment, for like a good hour I forgot that COVID existed, it was such a relief. And then I took it off, came into the real world, then remembered, oh yeah, COVID. And so I actually don’t mind living in the “metaverse” as it stands the last couple of days.
So I have been playing a couple of games, my kids have been having fun with it and they love it. What I did notice as well is, over the holidays the Oculus app was the most downloaded app on the Apple App Store. And so that kind of has me interested in Facebook ( NASDAQ: FB ) and potentially this could be a catalyst leading into earnings next year; the earnings are coming up on January the 26th.
I want to make sure that I keep an eye on Meta ( NASDAQ: FB ) or the Facebook ( NASDAQ: FB ) chart over the next couple of weeks here. Now, technically the stock is still in an uptrend, above all the major moving averages. But as you can see it’s a little whippy, some big wide swings here over the last couple of weeks.
I also see a clearly defined level of resistance right around that 353.00 zone. I have these dots here and what I potentially envision is maybe an inverse head and shoulders pattern. So we have the left shoulder, the head, and then maybe, potentially we could get a little bit of a right shoulder and then earnings and then a move higher. So I am kind of keeping my mind open to 2 possibilities, pulling back into support here before earnings. Or breaking through and moving above 353.00 coming on volume.
Those are 2 scenarios that I am looking for here on Meta ( NASDAQ: FB ). I am going to set an alert right around that 353.00 zone, maybe just below, and that will tell me if this stock is able to break through a clearly defined level of resistance. I think it is worth keeping an eye on Meta ( NASDAQ: FB ) going into 2022.