Meta Platforms (META) shares will likely remain in focus for the remainder of the week after the 澳洲幸运5官方开奖结果体彩网:tech titan’s stock set a 澳洲幸运5官方开奖结果体彩网:record high on Wednesday and the company kicked off its annual Connect conferenceও.

澳洲幸运5官方开奖结果体彩网:The company unveiled a lower-cost Quest 3S headset, Orion augmented reality glasses, new 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) features, and other tech gadgets at the highly anticipated event. The Facebook and Instagram 𓂃parent💦 has also turned to celebrities, announcing deals with actors Awkwafina, John Cena, and Judi Dench, among others, that will allow the company to use their voices in a new AI assistant. 

Since the start of the year, Meta’s stock has gained around 60% through Wednesday’s close as the social media company's latest quarterly results indicate that 澳洲幸运5官方开奖结果体彩网:signific👍ant investments ༺in AI infrastructure and product innovations have started to ♑translate into higher advertising revenue and earnings.

Meta shares gained 0.9% on Wednesday꧂ to finish at $568.31, after surging toꦚ an all-time high of $576.88 during the session.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Meta’s chart and identify important price levels to watch out for♋.𒁏

Ascending Triangle Breakout

Meta shares broke out from a five-month 澳洲幸运5官方开奖结果体彩网:ascending triangle on above-average volume earlier this month, with the stock price continuing to track higher into its Conn𓃲ect 2024 conference.

The stock’s breakout coincided with the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) moving into 澳洲幸运5官方开奖结果体彩网:overbought territory to confirm bullish p🎐rice momentum but also caution of short-term stretched conditions.

To forecast potential price targets above the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH), investors can use the measu🐎ring principle and a ⛎more subjective bars pattern. Let’s look at each in further detail.

Measuring Principle Price Target

To project a 澳洲幸运5官方开奖结果体彩网:price target using the 澳洲幸运5官方开奖结果体彩网:measuring principle, we calculate the distance 🔯of the asc💫ending triangle near its widest point and add that amount to the pattern’s top trendline. For instance, we add $165 to $535, which forecasts an upside target in the stock at $700.

Bars Pattern Price Target

Speculating an upside target using a bars pattern works by using a prior trending move to forecast a p🍬otential future move, assuming pri🍌ce action tends to rhyme.

In this case, we extract the stock’s trend higher from December to March and reposition 🧔it from this month’s low, which projects a price target of around $790.  

We selected this prior move because it commenced from an earlier ascending triangle’s lower trendline on Meta’s chart, similar to the stock’s 澳洲幸运5官方开奖结果体彩网:price action from the most recent ascending triangle.

Key Retracement Level to Watch

Given the RSI indicator points to overbought conditions in the stock, investors should also keep a close eye on the $535 level, an area on the chart where prior 澳洲幸运5官方开奖结果体彩网:resistance could become future support near the ascending triangle's upper trendline. Market participants who prefer to trade 澳洲幸运5官方开奖结果体彩网:pullbacks rather than chase 澳洲幸运5官方开奖结果体彩网:breakouts could look for💝 buying opportunities near this area.

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