Meta is now having to compete with Apple regarding the virtual reality market. Meta's stock price fell around 77% last year, it is now up 207% YTD.

Meta is now having to compete with Apple regarding the virtual reality market. Apple announced on Monday that it will be releasing a new product at the start of next year, a headset called The Vision Pro. Meta fell around 77% last year following high inflation and the rise of interest rates, it is now up 207% YTD and is currently trading at around $271.68 a share. Meta is now approaching a key resistance point on the weekly timeframe sitting at $307.45 (orange oval), a break above this price level may rise much higher towards the cluster highlighted by the green oval. Or respectively, $330-$340. However, this is more likely in the longer term. Support is well established below with the first key support level sitting at $256.74, which can be found along the trendline to the left. A break below this trendline could see a slide towards the following trendline support, or respectively $232.93. Looking at the technical indicators, MACD is positive and so is the RSI as it reads 76. Similar to the previous tech stocks we have analysed in the last 24 hours, the RSI does suggest that the stock is overbought. So, a short-term retracement could occur.