Meta stock will stop when Nvidia crosses the lines
As market indices face increasing selling pressure and Nivea (NVDA) loses support on key parameters, Meta forums (META) finds support by holding in the recent buy range. Amid the bearish sentiment in the market, Meta stock and other Magnificent Seven stocks Nvidia and Alphabet (GOOGLE) remain constant on the IBD leaderboard. Tesla (TSLA) found a parking space on the watch list.
Meta Stock will run fine when NVIDIA is disabled.
The tech-heavy Nasdaq retreated below its 50-day moving average, followed by Nvidia. Also note that the AI juggernaut has seen its 21-day exponential moving average cross below its 50-day benchmark, which is a sign of weakness.
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But meta platforms continue to show resilience in this troubled market.
As you can see, his main moving averages – the 21-, 50- and 200-day lines – are in perfect alignment. That means all the short-term averages are above the long-term lines. Google stock and Tesla can make that claim.
Meta joins Google in shopping range in the hack market.
As Nvidia fell for a fourth straight day, Meta Stock and Google held their positions in buy territory. But in addition to pressures in the market indices, note that the most recent fundamentals for meta-platforms and alphabets, as well as Nvidia, are of late. Such patterns bring high risk.
That said, the meta continued to pay off the market and returned to the 602.95-633.10 buy range from a third level flat base. The social media and AI powerhouse sports a strong relative strength streak, earning a blue score in MarketSurge.
As Meta stock looked to recapture its 21-day line, shares refused to give up much ground, while the market took a bite out of fellow Mag7 member Nvidia. Apple (APL).
Income season ahead
As meta platforms and others test buy zones and averages, earnings season is on the horizon.
Meta Platforms and Tesla are expected to report on January 29. Alphabet is set for February 4th, followed by Nvidia on February 26th.
For upcoming dates and related news and analysis, see the Earnings Calendar – updated every Friday.
Follow Matthew Galgani on X (formerly Twitter). @IBD_MGalgani.
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