When we look at the Meta Platforms (NASDAQ:FB) chart, we can see the massive selloff after the company announced their first-ever decline in users for this past quarter and the rising threat of their competitor, TikTok.
This caused the wipeout of more than $250 billion from their market value, and the share price dropped more than 22% from the $320 level where it was trading before the announcement to the $230, where it found support.
It was last found trading at $237 with the closest overhead resistance of $250 and the closest support level at $230. Today we can expect a move towards the $250 resistance, as this selloff may indicate traders to buy the dip, expecting a rebound.
If, however, it doesn’t manage to hold on to the current level, a move towards the $230 support can be expected.