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Meta Stock: Meteoric Rise Is Set to Continue

Published 02/05/2024, 02:32 AM
META
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Whatever you think of Mark Zuckerberg, who has many detractors, he has done quite a job with Meta (NASDAQ:META) since the stock price collapsed to a low of $88 at the end of October. 2022. As we can see in the above chart, the stock price is trading at $485, following yesterday’s stellar earnings, so taking out the $388 high of  August 2021. The rise in Meta’s stock price has also coincided with Zuckerberg declaring 2023 ‘the year of efficiency,’ which included laying off around 10k people, thereby adding to Meta’s bottom line. We should also say that despite criticisms that Meta has outlived its purpose and is past its best, almost 4 billion people used Meta, Instagram, or WhatsApp at least once in January 2024. This means almost 50% of the world’s population logs onto one of these platforms at least once a month, which is truly extraordinary.Meta Inc-Monthly Chart

You may also recall the Metaverse project, which attracted ridicule but is a technology Meta is committed to developing along with AI, and I believe is a sign of things to come.

Moving forward, the question now is where next for Meta, and here I would suggest $500 followed by $560.  However, I should also mention that yesterday’s big move has triggered the volatility candle across the daily, weekly, and monthly charts, so we may see a pullback into the spread of these candles and perhaps a degree of consolidation as the market absorbs the extent of the move.

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