During February 2022, we saw Meta reaching and breaching its best respected body support line, the 250-week EMA.
Then it reached and breached its 296-week EMA, which acted as its best respected wick support line.
Both support lines held Meta for many years.
But they broke.
Meta kept pushing its ‘next’ best respected support lines down.
And now, it does not respect any moving average line. Well, not in a meaningful way, at least. It just started respecting its 6-week SMA, however, that’s with a single (and the most recent) candle:
Meta does trade below its best respected resistance lines, though, and a reversal in the stock price should first break through those.
If you have a weird feeling telling you that you have seen these 19-week and 22-week SMA lines somewhere, then your spidey-senses are sharp. These resistance lines registered in September 2021 and January 2022, respectively, and appeared on every META weekly chart we published, starting with the first post we aired on February 2nd, 2022, when META (then FB) traded at $323.
Here is a reference view of META weekly chart, with the ‘original’ 250-week EMA (body) and 296-week (wick) support lines META best respected in February 2022:
Here too, the 19-week SMA (body) and 22-week SMA (wick) resistance lines are present.
Looking at a daily chart, the best respected resistance lines, registered in December 2021, are hanging over META around the $193 price area:
Meta is scheduled to release its 22Q2 earnings on Wednesday, July 27th, 2022, AMC.