Meta Platforms (META) was crushed the other day on ad spending in the fourth quarter. However, it now appears the pullback is a bit overdone. Even analysts like Wedbush Securities’ Dan Ives see the pullback as an opportunity, noting, “I believe this tech sell-off here, [when] we look back three, six months, I view this as more of a golden opportunity, not the time [for Meta] to head into hibernation mode,” as quoted by CNBC.
Not only did META find strong support, it’s also over-extended on RSI, MACD, and Williams’ %R. From its current price of $302.66, we’d like to see it again rally back to $330, near-term.