Meta Platforms (FB) – the owner of Facebook, Instagram and Whatsapp – rose above $340 in Wednesday's session. The movement has been slow for this one, but a newly formed price channel may see bulls targeting the $360 to $370 region by the end of the year. Since Facebook reported earnings a month ago in late October and changed its name to Meta Platforms, the social media giant has been unusually silent. Facebook reported earnings per share (EPS) of $3.22 in the third quarter on revenues of $29 billion. The EPS rose 34% YoY, and revenue jumped 35% in that same time period. These figures grant FB stock the certainty of continued high growth in a market that has seen many growth stocks falter in the second half of this year.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :  (FUNDAENTALS)

A double top on November 15 and 22 surrounding $353.75 may have scared off some bulls, but FB shares once again found their footing at $333, well above the earlier support of $327.

$353.75 is now the first target for bulls, but looking at the ascending price channel, it seems quite believable that Facebook will continue within the current trend. This ascending price channel has worked for nearly a month at present.

Looking ahead to December, that would make the region between $360 and $370 the most likely target for bulls. In order to do so, however, FB shares need to remain above $340 to keep bulls ambitious. Any dithering may have some traders give up. Closing below $333 will make this thesis obsolete.

A Decisive Bearish Exit by Facebook

Nov 28 2021

Stop Loss -6.29%

Holding time 2d22hr

327.30

Entry price

306.72

Stop loss price

1