The technical picture of the Meta Platforms Inc. stock (NASDAQ: FB) on our daily chart shows that this week, the share price fell below a lower side of the wide range, which is roughly between the 307.50 and 353.81 levels. If the stock continues to trade below the lower bound of that range, FB could continue sliding, at least for a while more.
Given that the stock, during the last couple of trading days, failed to reach the current lowest point of January, at 289.01, we may see a slight correction higher. That reversal might bring the price closer to the lower side of the aforementioned range, which if stays intact could result in another decline for FB, potentially leading the way towards the current lowest point of January, at 289.01. A failure of that hurdle to hold the share price from drifting lower might result in a break and a move towards the 277.76 zone, which is near the lows of March 25th and 26th, 2021.
The RSI is currently flat but remains well below 50. The MACD continues to point lower, while running below zero and the trigger line. The two oscillators are showing negative price momentum, which supports the idea discussed above.
Alternatively, if the stock climbs back above the lower side of the previously discussed range and then travels above the 315.50 hurdle, marked by the inside swing low of January 10th, that could lead the price to a larger correction higher. Let’s not forget that overall, FB is trading well below a medium-term tentative downside resistance line taken from the high of September 10th, so any move higher up to that trendline might be seen as a corrective one. The share price may rise to the 327.81 obstacle, a break of which could set the stage for a test of the 336.35 level, marked by the high of January 12th. Slightly above it runs the aforementioned downside line, which may provide additional resistance.
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