(MENAFN- Daily Forex)

• Meta looks as if it is going to rally a bit during the session here on Thursday if pre-market trading is to be believed.
• The $685 level offers a bit of a floor at the moment, and it is also worth noting that the 200-day EMA is starting to get to that area as well.
• So, I think it increases the importance. Looking at the market in general, we have a consolidation area, I believe, between $685 and $800.

So now that we're at the lower part of this consolidation, I think it makes sense that we're looking for some type of bounce to take advantage of. particular note is the 50 day EMA, which sits just a little below the $735 level and offers a potential support for the trend.

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If we can break that to the upside, I think it would bring in buyers and it would push Meta higher, perhaps back to that $800 level. The market has been absolutely brutally bullish since April, at least until the last couple of months. Recently, we've been working off some of the froth, but if you look at this, it kind of looks a little bit like some of the major tech stocks that fall within the same purview. And then of course, maybe with a little bit of imagination, somewhat like the Nasdaq 100, where we're just killing time.

This is a major component of the tech trade. And if we can get some momentum here, you will definitely see ripple effects throughout the market. I do think that we're in an area where it's intriguing to buy Meta, at least for a short term trade as we try to get back to those recent highs yet again, as the markets continue to look for momentum.

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