Meta (META) shares were slightly l☂ower in premarket 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🅰官方开奖结果体彩网:upbeat fourth-quarter earnings r☂eport and the emergence of AI Chinese startup DeepSeek.

Meta shares have outpaced their 澳洲幸运5官方开奖结果体彩网:Magnificent Seven peers since the start of the year amid optimism that the company’s 澳洲幸运5官方开奖结果体彩网:significant investments in AI are helping drive advertising revenue and incr🅷easing user engagement.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Meta’s chart and identify key 🌳price levels thไat investors may be watching.

Ascending Channel Remains in Play

Meta shares have trended higher in an orderly 澳洲幸运5官方开奖结果体彩网:ascending channel since last July, with 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网:relative strength index (RSI) on Tuesday fell from its highest reading since February last year to below the 澳洲幸运5官方开奖结果体彩网:overbought threshold𝄹, potentially setting the sta🦋ge for further declines.

Let’s identify three key 澳洲幸运5官方开奖结果体彩网:support levels to watch if the stock undergoes a 澳洲幸运5官方开奖结果体彩网:consolidation phase and also project a 澳洲幸运5官方开奖结果体彩网:price target worth monitoring if the shares break out above the ascending chann🥃el’s u♈pper trendline.

Key Support Levels to Watch

The first lower level in play sits around $680. We 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 p𒅌attern’s lower trendline may play out.

A 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网:psychological round number and a range of similar trading levels on 🧔the chart between 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官方开奖结果体彩网: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官方开奖结果体彩网:lock in profits.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

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