Meta Platforms $META Stock Three Inside Up Candlestick Pattern, Downtrend Channel Wall Test

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Meta Platforms $META stock is testing downtrend channel wall resistance as of December 3, 2022. A bullish Three Inside Up candlestick pattern recently formed. $META stock is in a technical downtrend.

Meta Platforms stock chart on December 3 2022 testing a downtrend channel breakout with a positive MACD and positive money flow
Meta Platforms stock chart on December 3 2022 testing a downtrend channel breakout with a positive MACD and positive money flow

Momentum has gone positive in $META stock for the first time since August 2022, as bottom feeders with a long-term horizon position in the beaten down stock.

Bullish Option Flow In $META Stock

Bullish option flow occurred in $META stock on December 2, 2022. The total value of bullish option flow was $41.3 million.

Meta Platforms table of bullish option flow on December 2 2022 with the text TIME	SYMBOL EXP STRIKE	C/P	SPOT	DETAILS	TYPE	VALUE
11:44:11 META	02/17/23	85	CALL	123.07	10000@40.6_A	BLOCK	S40.6M
11:51:53 META	12/16/22	140	CALL	123.50	200@0.557_AA	SWEEP	$11.1 K
11:29:42 META	12/16/22	125	CALL	123.18	180@3.65_A	BLOCK	S65.7K
11:11:57 META	01/20/23	150	CALL	122.28	200@1.03_A	SWEEP	S20.6K
9:53:39	META	03/17/23	175	CALL	122.63	172@1.65_A	BLOCK	S28.4K
9:45:02	META	01/20/23	130	CALL	122.16	200@4.8_A	BLOCK	$96K
9:42:10	META	01/19/24	200	CALL	122.05	2000@6.85_A	SWEEP	S137M
9:13:35	META	12/30/22	135	CALL	122.81	860@1.9	BLOCK	S163.4K
8:48:24	META	02/17/23	140	CALL	122.93	200@6.18_A	BLOCK	S123.6K
8:48:15	META	06/16/23	140	CALL	122.96	200@12.449_A	SWEEP	S249K
8:48:01	META	01/20/23	125	CALL	122.95	250@7.25_A	SWEEP	S181.3K
8:47:17	META	02/17/23	140	CALL	123.04	200@6.2_A	SWEEP	S124K
8:47:14	META	06/16/23	140	CALL	123.05	200@125_A	BLOCK	S250K
8:46:02	META	01/19/24	170	CALL	122.93	191@12.147 A	SWEEP	5232K
Meta Platforms table of bullish option flow on December 2 2022

Make sure to review this lesson on option flow so that you understand the image above.

Meta giving up some offices at Manhattan’s Hudson Yards

To reduce costs and staff, Facebook parent Meta Platforms decided not to renew its lease at 30 and 55 Hudson Yards on November 30, 2022, according to Bloomberg. Across the two towers, Meta currently leases over 250,000 square feet, but as it pauses hiring, it is reassessing its real estate plans. Source: https://news.bloomberglaw.com/daily-labor-report/meta-scales-back-nyc-hudson-yards-offices-in-cost-cutting-pivot

Meta Platforms price target lowered at Morgan Stanley

On November 15, 2022, Morgan Stanley analyst Brian Nowak maintained an Equal Weight rating on the shares of Meta Platforms while lowering the price target from $105 to $100. Through Q3 earnings season, indications of a weakening ad market grew as 14 of the 19 companies he monitors in the sector either missed Q3 ad revenue expectations or gave forward growth guidance that was slower than expected. Brian Nowak is downgrading his 2023 US online advertising and e-commerce forecasts and is now projecting growth in those sectors of about 6% and 5%, respectively.

Momentum points Meta stock more toward $120, says Virtus’ Joe Terranova

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