Meta Platforms has consolidated for several months, but now the social-media giant could be attempting a breakout.

The first pattern on today’s chart is the $328 level. It was the high on February 2, 2022, immediately before the stock’s biggest drop ever. (The selloff was prompted at that time by weak results and business challenges involving Apple.) META tested that zone on October 11-12 before pulling back. But last week it returned to close slightly above it for the first time. Remaining here or continuing higher may confirm a breakout.

Second, a series of higher weekly lows may suggest longer-term buyers are active.

Third, the stock has danced around its 50- and 100-day simple moving averages (SMAs). However the faster SMA remains above the slower one, a potential sign that the longer-term trend is still bullish. They’re also above the 200-day SMA.

Finally, you have fundamentals. META’s earnings, revenue and users topped estimates on October 25. The stock initially fell on worries that violence in the Middle East could hurt advertising. That may create potential for buyers to come off the sidelines if worst-case scenarios don’t pan out.

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