Shares of Meta Platforms Inc., an American multinational holding company that owns the technology conglomerate and the largest social network Facebook, are trading in a corrective trend at 491.00.

A global upward trend is forming on the daily chart, within which the price unsuccessfully tried to leave the ascending channel 530.00–430.00.

On the four-hour chart, it was accompanied by small trading volumes, and after the completion of the local price gap of 494.00–504.00, the quotes reversed upwards again. To maintain positive dynamics, the asset needs to consolidate above the current high of 515.00. Otherwise, the correction will continue, and after overcoming 475.00, a downward trend may develop.

Technical indicators are holding a buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram is forming corrective bars in the buy zone.

Trading tips

Long positions may be opened after the price rises and consolidates above 515.00, with the target at 558.00. Stop loss – 500.00. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 476.00, with the target at 433.00. Stop loss – 490.00.