META Stock Up 7% After Report

The social media giant's second-quarter results encouraged investors as ad revenue surged, the company is embracing AI, monetization of Instagram and Reels.

Facebook now has 2.06 billion daily active users, up 5% from a year ago. And taking into account Instagram and other applications — 3.07 billion, which is 7% more.
At the same time, the number of employees decreased by 14% compared to last year to 71,000 people. Zuckerberg said the austerity program will run until 2024.

Amid the data, META's stock price jumped 7% in premarket trading. The META stock chart shows that:

today the price should update the high of the year;
with this sharp momentum, the bulls get the opportunity to gain a foothold above the psychological level of $300, pushing off from the support around $290.

Possible resistance level:

the $350 psychological mark, where the 2022 high is approximately located.

Possible support levels:

median and lower limit of the active ascending channel;
the $305 level that had an impact on the price in July.

According to the WSJ, analysts see an average target price for META's stock at around USD 330, but given the company's performance as evidenced by the report, the target price could be revised upwards by analysts.