- Meta has risen a bit during the trading session on Wednesday, as we continue to consolidate overall.
- We are sitting just above the crucial $700 level, and that in and of itself will attract a certain amount of attention as it is a large, round, psychologically significant figure, and an area that has been important more than once.
- That being said, I would point out that there is a bit of the descending channel going on at the moment, so that might be part of what’s tying up the market, but I suspect that there are much more important things.
Earnings Call
Keep in mind that there is an earnings call on July 30, with an earnings estimate of $5.866, and a revenue estimate of $44.77 billion. This obviously will be watch very closely and considering that it is just a week from now, we may spend a little bit of time going sideways here. Nonetheless, the bias is probably positive still, so if we were to break above the $720 level, we could see Meta go looking to the $750 level above, where the market had pulled back from previously as a “swing high.”
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All things being equal, this is a market that I do think continues to attract a lot of attention as it is a simple way to play the artificial intelligence boom, and of course there are still plenty of products in the suite that bring in reasonable profits, especially globally. While Facebook may have lost part of its allure in the United States, the reality is that it is still wildly popular globally.
The 50 Day EMA is sitting at the $684.89 level and is rising. I anticipate that it should be an area of interest and should offer significant support. As long as we can stay above there, I think the market is in a pretty healthy place. Nonetheless, we do have that earnings call next week and that will obviously moot things. At the end of the day, this is a positive market, so you should be thinking bullish thoughts.
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