Shares of Meta Platforms Inc., an American transnational holding company that owns a technology conglomerate and the largest social network Facebook, are trading at 500.00.

A correction trend is forming on the daily chart, within which the price is held in a wide Triangle pattern with narrowing boundaries of 540.00–463.00.

On the four-hour chart, the quotes have reversed at the resistance line of 452.00 and are heading downwards. Despite the fluctuations, a downward trend is visible, with the target at the support line of the formation of 463.00, and the asset has already broken the main obstacle at the low of 505.00.

Technical indicators are preparing to give a downward signal: fast EMA on the Alligator indicator are actively approaching the signal line, and the AO histogram is forming correction bars in the buy zone.

Trading tips

Short positions may be opened after the price declines and consolidates below 491.50, with the target at 453.00. Stop loss is 500.00. Implementation period: 7 days or more.

Long positions may be opened after the price grows and consolidates above 505.20, with the target at 540.20. Stop loss is 490.00.