Usman Salis
Meta Platforms has shown resilience after finding support near a critical technical level. Following a pullback from September highs, the stock has regained momentum, catching the attention of traders watching for a potential rally toward new targets.
Recent Price Action
Meta stock (NASDAQ: META) pulled back from its September peak around $780 and found buyers stepping in near $690. This price level has proven to be a reliable foundation, and the stock has since climbed back to $717.77. Trader Ali Charts recently highlighted this bounce, noting that the recovery from channel support could set the stage for a move toward $790.
The rebound suggests that investors are regaining confidence after the recent consolidation. This technical reset has created a setup that many traders view as an opportunity for further upside if momentum continues.
Key Technical Levels
The $688–$690 zone has emerged as strong support, marking the lower boundary of the current trading channel. META is currently trading at $717.77, showing a modest gain in the latest session. Looking ahead, the first hurdle sits at $744, and clearing that level would open the door to $760 and eventually the $790 target. The chart pattern shows a potential bullish trajectory, with the expectation of higher lows as long as buyers maintain control.
What's Driving the Recovery
Meta's business fundamentals have improved alongside the technical bounce. Digital advertising revenue has rebounded as the online ad market stabilizes, and investors are becoming more optimistic about the company's investments in artificial intelligence infrastructure. While spending on the metaverse remains a topic of debate, the overall financial picture has brightened. The stock's recovery also mirrors the broader strength in large-cap technology names, which continue to lead the market despite economic uncertainties.
Usman Salis
