Jump to content

Meta Platforms Inc.(META:NASDAQ) Elliott Wave Technical Analysis 26 October 23

Recommended Posts

Meta Platforms Inc., Elliott Wave Technical Analysis
Meta Platforms Inc.,  (META:NASDAQ): 4H Chart 26 October 23
META Stock Market Analysis: We were looking for continuation higher into wave (5) after the triangle in wave (4), however we nearly reached wave count invalidation and as momentum indicators suggest we could have topped in wave (5).
META Elliott Wave Count: Wave (5) of 1.
META Technical Indicators: 200EMA as support.
META Trading Strategy: Looking for shorts on the way down into wave (A).
TradingLounge Analyst: Alessio Barretta
Meta Platforms Inc.,  META: 1-hour Chart, 26 October 23
Meta Platforms Inc., Elliott Wave Technical Analysis
META Stock Market Analysis: Looking for extension lower into wave 3. Invalidation stands at 318$. If we are indeed in a wave {iii} of 3 we should expect acceleration lower.  
META Elliott Wave count: Wave {iii} of 3.  
META Technical Indicators: Below all averages.
META Trading Strategy: Looking for shorts into wave 3.
  • Great! 1
Link to comment
9 minutes ago, tradinglounge said:

Meta Platforms Inc

Meta shares climb then fall after better than forecast Q3

Facebook owner Meta Platforms reported better-than-expected results for the third quarter. Earnings per share came in at $4.39 versus estimates of $3.63 while revenue was $34.15 billion against $33.56 billion expected.

 Jeremy Naylor | Analyst, London | Publication date: Thursday 26 October 2023 10:16

Revenue increased 23%, the fastest rate of growth since 2021. This represents an outperformance versus competitors. Google parent Alphabet said ad revenue increased about 9.5%, while smaller rival Snap reported revenue growth of 5%. The stock initially rose in extended trading after the report, but then reversed course and fell more than 6.7% on concerns about potential ad softness tied to the Middle East conflict.

(AI Video Transcript)

Meta's revenue growth

Meta had a fantastic third quarter, with their revenue growing by a remarkable 23%, which is the fastest growth they've seen since 2021. They also did really well with their earnings per share, exceeding expectations. Other big companies like Google's parent company Alphabet and Snap also saw increases in their ad revenue, with Alphabet reporting a 9.5% increase and Snap reporting a 5% growth.

Meta's stock

But even with all this great news, Meta's stock initially went up in extended trading, but then it changed course and fell more than 3%. The company's CFO, Susan Lee, expressed some concerns about potential ad softness connected to the Middle East conflict, which was similar to what Snap had mentioned before. Despite these cautionary comments and the stock's decline, Meta's stock is still up about 150% this year, making it the second-best performer in the S&P 500. The only company doing better is chip maker NVIDIA.

The Middle East conflict

So, considering the cautionary comments and the stock's fall in extended trading, experts expect that Meta will experience a loss when trading resumes on Wall Street. This doesn't mean that Meta is doing poorly overall, as they have had an exceptional year, but it's important to keep in mind the potential impact of the Middle East conflict on their ad revenue.



This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hey all, as some of you know, I've been reviewing quite a few new crypto projects lately and breaking down what they're about and the problems they aim to solve. Today, I'll be doing the same for a platform called HiveSwap. HiveSwap is a decentralized exchange operating specifically within the Bitcoin ecosystem. It utilizes the MAP Protocol to enable interoperability and facilitate seamless token swaps across Bitcoin's various layers - the base layer, layer 2 networks, and the MAP interoperability layer itself. A major selling point is HiveSwap's ability to bridge the gap and allow swaps between Bitcoin ecosystem assets and those from major EVM chains like Ethereum, BNB Chain, Polygon, and more. This cross-chain functionality is huge. The platform is also tackling liquidity issues for emerging asset classes like inscriptions and BTC-related tokens. HiveSwap provides a decentralized avenue for swapping these types of assets and creating liquidity pools, rather than being confined to centralized venues. With its robust underlying swap technology framework, HiveSwap ensures reliability and security for users contributing liquidity. It also incentivizes liquidity provision through liquidity mining rewards paid out in tokens. Overall, HiveSwap is positioning itself as the leading decentralized exchange within the Bitcoin realm. It's solving key interoperability challenges, bringing much-needed liquidity to newer assets, and leveraging proven tech for secure, trustless cross-chain/cross-layer swaps. HiveSwap is bridging multiple gaps in Bitcoin DeFi.
    • For those who love memecoins, there's an exciting new project called RUNES•X•BITCOIN that's worth checking out.    It's a meme coin developed using the Runes protocol on Bitcoin's blockchain. The "X" theme is a clever reference to Elon Musk and the idea of limitless possibilities.   But what makes it truly unique is that it's 100% decentralized and community-driven. The entire token supply was airdropped for free to anyone holding assets with the letter "X" in the name or ticker.   So if you had X domains, X NFTs, or BRC20 tokens containing X, you automatically received free RUNES•X•BITCOIN tokens. How's that for decentralized distribution?   The project has already exploded in popularity. Over 100,000 addresses now hold this Rune, making it the biggest one by that metric. And get this – the market cap skyrocketed from $2.1 million at launch to over $13 million! Insane growth. If you're looking to get involved, I heard Bitget has a series of events planned for this project, so you might want to check those out.   Some other key highlights: - The Rune code 110# seems to have a hidden meaning  - It utilizes cutting-edge Runes tech built on Bitcoin's UTXO model for fungible tokens - Fully decentralized, with no central control   RUNES•X•BITCOIN is bringing meme culture and community experience to Bitcoin in an innovative, decentralized way. While it might be considered a legitimateshitcoin, the concept and crazy early traction are certainly wild! It's definitely a project worth keeping tabs on in the BTC space.
    • I guess alot of people will be smiling rn having recieved their airdrop allocation some couple of hours ago. ANd with the pretrading price at $2, a lot of those farmers are anticipating huge cash out but let's see what the listing brings!
  • Create New...