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MENAFN- Daily Forex)
Meta looks as if it is going to open higher during the Tuesday session, as we continue to see a lot of back and forth action, and I think given enough time, buyers will continue to look at short-term pullbacks as buying opportunities. The AI situation continues to get anybody involved with artificial intelligence more interest, and at this point in time it looks likely that the majority of traders are looking at this through the process of its transition into artificial intelligence.
Technical Analysis
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The technical analysis continues to see plenty of buyers jumping into the market, and I think it is probably only a matter of time before we go higher. Even if we were to pull back from here, the $745 level looks to be a major support level, and a move down below there could have this market jumping down to the bottom of the gap, near the $710 level.
Furthermore, the 50 Day EMA is sitting right around that same level as well, and ultimately, I think we have a situation where there will be plenty of buyers willing to get involved in this market anywhere near that level. Underneath there, then we have the $680 level, which I believe is the“bottom of the trend” at this point.
On the other hand, if we were to break above the $780 level, then I think it opens up the possibility of Meta reaching the $800 level, which of course is a large, round, psychologically significant figure, and an area where I imagine there's probably quite a bit of options trading. In the meantime, though, I think we continue to see a lot of back and forth choppy behavior, but it is almost certainly a market that continues to see plenty of buyers looking for value any time there is the opportunity to pick up cheap stocks. Keep in mind also that Meta will move right along with all of the other AI stocks.
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