Shares in Meta Platforms (META) jumped more than 7% in extended trading on Wednesday after the social media giant's 澳洲幸运5开奖号码历史查询:second-quarter earnings and sales topped Wall Street’s estimates, giving investors confidence that the company’s significant investment in 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) infrastructure is reaping benefits.

The tech behemoth's stock price has fluctuated significantly after recent quarterly reports. In February, the shares surged more than 20% on Q4 results amid the declaration of the company’s first ever dividend, while light second-quarter revenue guidance sparked𒆙 a drop of over 10% following Q1 earnings in April. 𒊎

Below, we take a closer look at Meta’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identify key levels to watch out for.

Shares Remain Rangebound

Since the stock’s earnings-driven 澳洲幸运5开奖号码历史查询:breakaway gap in early February, the price has remained in a 澳洲幸运5开奖号码历史查询:trading range, fluctuating several times above and below the 50-day moving 💞average (MA), indicating a lack of cleဣar direction.

A move to a new 澳洲幸运5开奖号码历史查询:all-time high (ATH) above the rangebound period in July was short lived, with the shares retracing to the lower portion of 🔥the range leading into the social media giant’s quarterly results.

Monitor These Two Key Prᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚice Levels Post Earnings

Looki🌳ng ahead, investors should monitor two key levels that t🔜he stock could test amid a post-earnings pop.

The first sits around $490, a location on the chart near the 50-day MA where sellers may look to book profits near a 澳洲幸运5开奖号码历史查询:horizontal line that links several minor 澳洲幸运5开奖号码历史查询:peaks and troughs that have formed throughout the rangebound period. Although after-hours trading indicates an open higher than thi♉s level, it’s worth watching if the shares can hold above this area through Thursday’s close.

Follow-through buying could see a retest of $530, where the price would likely encounter significant overhead 澳洲幸运5开奖号码历史查询:resistance around the April and July 澳洲幸运5开奖号码历史查询:swing highs, Until the price decisively breaks out above these two peaks, the later which marks the stock’s record high, there’s the ongoing possibility of a 澳洲幸运5开奖号码历史查询:double top.

Breakout Target

If the Meta shares go on to break out above the trading range, investors can use the 澳洲幸运5开奖号码历史查询:measuring principle, sometimes called a measured move, to proje🤡ct a potential pri💟ce target.

To do this, we calculate the distance between the range’s two trendlines in points and add that amount to its🐽 top ﷽trendline. In this case, we add $110 to $530, which forecasts a price target of $640.

Meta shares rose 7.2% to $5꧂08.8🐭7 in after-hours trading Wednesday.

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