For the past year and a half, Meta Platforms Inc
However, this achievement was soon followed by a sharp decline, resulting in the share price plummeting to a low of $88 by November 2022.
This significant decrease led to continued selling until price reached the support level.
By July 2023, an incredible transformation had occurred. Meta's stock price not only bounced back up, but soared beyond the $300 psychological resistance once more.
The remarkable 148% surge in the first six months of the year speaks volumes about the company's unwavering strength and its knack for successfully navigating market fluctuations.
On July 21st, the stock briefly dropped below $300, causing some concern. However, on July 27th, the stock demonstrated strong market confidence by not only bouncing back, but also gapping up 4.34% past $300 when the market opened.
As we enter August, a bearish sentiment looms in the market. The stock has been steadily declining, closing down by 2.38% and approaching the important $300 level.
It is worth mentioning that if the stock closes below its August opening price, it will mark a significant event as the first monthly bearish close since October 2022.
A bearish close could suggest a potential slowdown in momentum, which isn't surprising. This is a normal occurrence as even strong financial trends eventually plateau.
Meta's next significant milestone is approaching at $343.09, the major resistance level marking last year's high.
Penetrating this ceiling will be crucial as the company aims to resume its upward trajectory.
Breaking through this resistance level will likely lead to continued long-term bullish movements. However, currently, all attention is focused on the psychological support at $300.
After the closing bell on Wednesday, August 9, the stock closed at $305.21, trading down by 2.37%.
