Meta Platforms, formerly known as Facebook, had a rough week.
However, as we suggested in our February 2nd, 2022 post (Meta Platforms (FB, FKA Facebook) Nears Long Term Support at $230), buyers were waiting right on the 250 week EMA, as they were in FB’s last two dips – December 2018 and March 2020.
Here’s the price action on a weekly chart:
The chart shows that FB has been respecting the 250 week EMA since February 2017, however, the stock prices have been higher than the line even before that. The reason for this plot start is that FB IPOed in May 2012 and there’s not enough data to calculate a 250 week EMA prior to February 2017.
We’ll be watching to see if the 250 week EMA is a line in the sand or a line to bounce off of.