META Last chance to reverse their fortunesMeta Holdings (META) has been trading within a Channel Down ever since the huge early February gap down. The stock has failed to recover its lost 1W MA200 (orange trend-line) on the first rebound attempt and since it has been trading far from it as investors along with other known macro-economical parameters (inflation, war, Fed) are gradually losing faith in the company.
This is Meta's final attempt to reverse this sharp correction and find buyers as the price is now below the 2.0 Fibonacci extension, which is the level that has supported and kickstarted aggressive rebounds since April 2016. In fact you can see that with the application of the Fibonacci Channel extensions, from the moment Meta (formerly FB) started trading, slight breaks below the 2.0 Fib, have initiated three major rallies of +1 year.
If this is the level that saves the day for Meta indeed, investors will still have a Higher Highs trend-line to consider that has rejected the price three times already (red flags) but we will have time to make updates until then. Failure to hold this Support, could mean complete loss of investor confidence and the beginning of the end for the social media giant.
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