Meta (META) shares were slightly lower in prema✨rket trading Wednesday, one day after posting their first decline in more than a month.

The stock fell nearly 3% on Tuesday to snap a 20-session winning streak during which it gained 20.5%. The rally started on Jan. 17 and spanned a period that included the inauguration of President Donald Trump, an 澳洲幸运5开奖号码历史查询:upbeat fourth-qu꧋arteౠr earnings report and the emergence of AI Chinese startup DeepSeek.

Meta shares have outpaced their 澳洲幸运5开奖号码历史查询:Magnificent Seven peers since the start of the year amid optimism that the company’s 澳洲幸运5开奖号码历史查询:significant investments in AI are helping drive advertising revenue ൩and increasing user engagement.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Meta’s chart and identify key price levels that inve൩stors may be watching.

Ascending Channel Remains in Play

Meta shares have trended higher in an orderly 澳洲幸运5开奖号码历史查询:ascending channel since last July, with 澳洲幸运5开奖号码历史查询:price action contained between the pattern’s two trendlines.

More recently, the stock has rallied into the channel’s upper trendline, but has failed to make a decisive breakout, potentially undermining buying momentum.

In another troubling sign for the bulls, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) on Tuesday fell from its highest reading since February last year to below the 澳洲幸运5开奖号码历史查询:overbought thresholꦫd, potentiall🎐y setting the stage for further declines.

Let’s identify three key 澳洲幸运5开奖号码历史查询:support levels to watch if the stock undergoes a 澳洲幸运5开奖号码历史查询:consolidation phase and also project a 澳洲幸运5开奖号码历史查询:price target worth monitoriﷺng if the share♔s break out above the ascending channel’s upper trendline.

Key Support Levels to Watch

The first lower level in play sits around $680. W🎶e projected this price using the bars pattern tool that takes the October to November move lower within the channel and repositions it from yesterday’s high, speculating how a future test of the pattern’s lower trendline may play out.

A 澳洲幸运5开奖号码历史查询:breakdown below the ascending channel’s lower trendline could see the shares fall to the $632 level, a location on the chart that may provide support near peaks in mid-December and early January.

Further selling opens the door for a retest of support around the key $600 level. Investors could look for buying opportunities in this area near the 澳洲幸运5开奖号码历史查询:psychological round number and a range of similar trading levels 💦on the chart b🐼etween October and January.

Measured Move Price Target to Monitor

Investors can forecast a price target above the ascending channel’s upper trendline by using the measured move technique, also known by chart watchers as the 澳洲幸运5开奖号码历史查询:measuring principle.

When applied to Meta’s chart, we calculate the width of the channel in points and add that amount to the pattern’s top trendline. For instance, we add $120 to $741, which projects a target of $861, about 20% above Tuesday’s closing price where investors may decide to 澳洲幸运5开奖号码历史查询:lock in profits.

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As of the date this article was written, the author does not own any of the above securities.