Our first post on FB, “Meta Platforms (FB, FKA Facebook) Nears Long Term Support at $230” dated 2/2/2022, came out after the company reported its 21Q4 earnings and highlighted two strong support lines the stock best respected since 2017 (and earlier): the 250-week EMA (body) and the 296-week EMA (wick). Here is the chart and the MA lines posted back then:
Since then, Meta’s stock knew mainly only one way – down. It paused to kiss its 250-week EMA support line, it paused to kiss its 296-week EMA support line, and then waved them goodbye while smashing down.
This week FB traded as low as $190.22 and closed the week at $210.48:
With this move down, FB now nominated new respected MA lines: the 310-week SMA (currently at 202.34) as the body support and the 351-week SMA (currently at 190.18) as the wick support:
