Like Google, META demonstrated that the price can fall if the quarterly report is better than expected:
→ Earnings per share: actual = USD 4.39, expectation = USD 3.63.
→ Revenue: actual = USD 34.15 billion, expectations = USD 33.56 billion
→ Number of daily active users: fact = 2.09 billion, expectation = 2.07 billion according to StreetAccount.

META's share price initially rose in post-market trading but then reversed course and fell more than 3% following cautionary comments from CFO Susan Lee about the impact of military conflict in the Middle East on the advertising market.

Thus, the META stock price may have received a bullish boost from the psychological level of USD 300, but it is possible that it will receive a bearish one because the opening price on Thursday could be around USD 290.

In the analysis of the META share price on October 3, we paid attention to the candle from July 27, when the high of the year was formed — then, extremely high volumes were recorded on the NASDAQ exchange. They can be interpreted as the desire of large players to fix profits from long positions.

Since then, the price has updated its high of the year around the USD 325 level, but this update turned into a classic bear trap. Thus, a large-scale double top pattern has formed on the chart, which will most likely lead to a bearish breakout of the ascending channel (shown in blue).

When a breakout occurs, a gap will likely form, which can serve as resistance. The bulls may be given hope by the level of USD 175 per share, which previously supported META shares.

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