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Shares of Meta Platforms Inc. (NASDAQ:META) may be about to form a new downtrend.
The stock is testing support. If the support breaks it could make a rapid move lower.
Support is a large group of buy orders that investors have placed close to or at the same price. As you can see on the following chart, there has been support for Meta around the $157 level.
Meta opened Tuesday, Aug. 2, at $158.18 per share. If a stock trades below a support level, traders say the support has been broken. This is typically a bearish dynamic. It shows that the investors who created the support have left the market.
With this large amount of demand for the shares taken away sellers will be forced to accept lower prices.
This could start a snowball effect and force Meta into a new downtrend.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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