Taking a look at Meta as a possible upside move is shaping up based on previous price action. Going back to January, we can see after the stock consolidated for a period of 5 months, it did finally break out in January rising around 44% between January 15^th and April 8^th. We can now see that between April 8^th and September 15^th, the price has moved sideways. In other words, possible consolidation. After breaking above the resistance of $540 and reaching the current all-time highs around the current price of $573.76, another leg higher may be underway. If we project the same size move from the January breakout, this would imply that Meta’s share price could rise another 28% by the end of the year. Taking the stock’s price to around $734 a share. However, past performance is no guarantee of the future and should only be used as a guide. Nonetheless, if the price is to continue higher then the stock may come across some resistance along the upper trendline of the channel. Resistance reads around $606 based on current positioning. Towards the downside, the previous resistance level around $544 should now act as the near-term support here. Another key factor here that stands out is the positioning of the technical indicators. The movement of the MACD is rather similar to the January period and has also turned bullish, and the RSI is not suggesting overbought conditions. Which could incentivise further buying.

You can view the company's current market valuation compared to its peers here - https://minipip.co.uk/details/news/3090

Key Notes:

Short-term headwind – Jobs report, upcoming earnings

Longer-term tailwind – Fed rate cuts, possibility of a soft landing