Meta is due to report earnings tomorrow. It's expected to report earnings of $2.02 on revenue of $27.61bn.

Having a look at Meta’s stock since the tech giant is expected to report earnings tomorrow. Currently, its stock price sits around $210.43 a share, we can see that on the weekly timeframe, the price has broken out of the bearish trend. In theory, the bias has now turned bullish but we can see a slight retracement forming. This is partly due to profit taking and the upcoming earnings. Support sits at $197.92 then at $193.70 and finally at a key level of $187.09 (along the ascending trendline). A break below the ascending trendline may suggest that sentiment has changed and further downside may be possible. Any downside movement could be prompted if Meta reports a negative earnings report. However, as the bias remains bullish, a slight retracement might occur before further upside. The tough resistance sits at $222.35. A break above $222.35 could see the price edge higher, with the target then of $236. Over to the indicators, MACD is still positive and so is RSI as it reads 64. RSI was suggesting over the recent weeks that the stock has been trading in overbought conditions, which could be another reason for the slight retracement.