FXOpen
After the close of yesterday's trading session, the social media giant reported activity for the 4th quarter of 2023. The actual numbers exceeded expectations:
→ gross income: actual = USD 40.1 billion (expected = USD 39.1 billion);
→ earnings per share: actual = USD 5.3 (expected = USD 4.8).
Zuckerberg's company also announced a USD 50 billion share buyback and, most importantly, the decision to pay dividends for the first time!
As a result, META's share price soared approximately +15% to record highs. In the post-market, the META price exceeded USD 450 — this value may be a guideline for the opening of today's trading.
The META stock chart today shows that the price has broken out of the ascending channel within which it has been since May last year.
If widespread optimism about the company's progress continues, META's stock price could maintain its bullish momentum and rise closer to the blue line (drawn on the chart as a parallel channel) and the psychological USD 500 mark.
On the other hand, indicators will show that the market is overbought and some investors will probably take advantage of the temptation to take profits after the price soars - this will create the preconditions for the formation of a pullback.
The wide bullish gap that is likely to form at the opening of today's session could serve as an area of support for the META share price in the future - note that the price has not yet fallen into the May 2023 gap area.
In any case, fundamentally, META looks strong and could be considered a candidate for a long-term investment portfolio (if you don't already have it there).
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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