Peter Smith
⬤ Meta Platforms extended its recovery this week after bouncing from the sub-$600 level hit during November's selloff. The stock is now pushing into a broad volume cluster around $670-$700, regaining momentum after weeks of downward pressure. Market participants viewed prices under $600 as a buying opportunity, and similar sentiment is emerging around the current sub-$700 levels.
⬤ The chart shows META advancing toward the $670-$700 volume shelf, one of the most heavily traded zones this year and a major supply area. The stock is approaching shorter-term moving averages but hasn't reclaimed them yet, making this region an important technical test. RSI has lifted from oversold territory while volume has cooled following the intense selling in mid-November.
⬤ MACD momentum is attempting to turn upward, reflecting improving short-term sentiment. The rebound came after META stabilized above key support around $600, with buyers stepping in to absorb the decline. The stock is now pressing into resistance created by the previous breakdown, and price behavior around the $670-$700 corridor will determine whether this recovery can extend further.
⬤ This move matters because META is returning to an area where traders previously built large positions. How the stock reacts at the $700 threshold could serve as a sentiment gauge for the broader tech market. Successfully reclaiming this zone might signal the end of the recent correction and restore confidence in high-growth stocks, while a stall could indicate more consolidation is needed before a stronger trend emerges.
Peter Smith
