Current trend

Shares of Meta Platforms Inc., an American multinational holding company that owns the technology conglomerate and the largest social network Facebook, are trading in a correction trend at 561.00.

While large US technology companies integrate into low-carbon markets, Meta Platforms Inc. has entered into a deal with the forestry unit of BTG Pactual Timberland Investment Group to acquire 3.9M quotas for greenhouse gas emissions compensation until 2030. It reflects the corporation’s efforts to restore forests in Latin America. Such interest is mainly of a marketing nature, which allows it to win over part of the audience supporting the green agenda, which has been growing recently. Meanwhile, the partnership with EssilorLuxottica SA is expanding. Within it, the company plans to upgrade the new generation of Ray-Ban smart glasses. They have been including Meta Platforms Inc. technologies since 2019.

The financial report for the third quarter is due on October 23: revenue may increase from 39.07B dollars to 40.10B dollars compared to 34.15B dollars a year earlier, and earnings per share (EPS) – from 5.16 dollars to 5.18 dollars compared to 4.39 dollars last year.

Support and resistance

On the daily chart, the trading instrument is moving in an upward trend, holding above the resistance line of the 550.00–450.00 channel.

Technical indicators strengthen the buy signal: the fast EMAs of the Alligator indicator are above the signal line, and the AO histogram is forming upward bars in the buy zone.

Resistance levels: 568.00, 607.00.

Support levels: 548.00, 498.00.

Trading tips

Long positions may be opened after the price rises and consolidates above 568.00, with the target at 607.00. Stop loss — 555.00. Implementation period: 7 days or more.

Short positions may be opened after the price falls and consolidates below 548.00, with the target at 498.00 and stop loss 570.00.