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官方开奖结果体彩网: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官方开奖结果体彩网: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 sparked a drop of over 10♔% following ꦕQ1 earnings in April. 

Below, we take a closer look at Meta’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key levels to watch out for.

Shares Remain Rangebound

Since the stock’s earnings-driven 澳洲幸运5官方开奖结果体彩网:breakaway gap in early February, the price has remained in a 澳洲幸运5官方开奖结果体彩网:trading range, fluctuating several times above and below the 50-day moving average (MA), indicating a lack of clear 🐻direction.

A move to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) abov൩e 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 Price Levels Post Ear𓃲nings

Looking ahead, investors should monitor two key l✅evels that the 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官方开奖结果体彩网:horizontal line that links several minor 澳洲幸运5官方开奖结果体彩网:peaks and troughs that have formed throughout the rangebound period. Although after-hours trading indicates an open higher than this level, it’s worth wat𝄹ching 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官方开奖结果体彩网:resistance around the April and July 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网: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官方开奖结果体彩网:measuring principle, sometimes called a measured move, to project a potential price taඣrget.

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

Meta shares roseඣ 7.2% to $508.87 in after-ho൲urs trading Wednesday.

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