Facebook News and Forecast: Price channel could push FB stock to $360-$70s in December – FXStreet


Meta Platforms (FB) – the owner of Facebook, Instagram and Whatsapp – rose above $340 in Wednesday's session. The movement has been slow for this one, but a newly formed price channel may see bulls targeting the $360 to $370 region by the end of the year.
Since Facebook reported earnings a month ago in late October and changed its name to Meta Platforms, the social media giant has been unusually silent. Facebook reported earnings per share (EPS) of $3.22 in the third quarter on revenues of $29 billion. The EPS rose 34% YoY, and revenue jumped 35% in that same time period. These figures grant FB stock the certainty of continued high growth in a market that has seen many growth stocks falter in the second half of this year.
In terms of geography, Asia-Pacific, the United States & Canada, Europe and Rest of World revenues respectively grew 29%, 34%, 36% and 49% YoY. FB shares are now priced quite competitively. A price/earnings ratio of 24 and a price/sales ratio above eight makes FB shares appear quite cheap actually for a stock that is growing EPS and revenue above 30%.
Most investors may still be waiting on further announcements regarding the "metaverse" – the new free-for-all term for virtual reality, cryptocurrency and video games that every major tech firm currently seems intent on the ruling. While the term remains unwieldy, estimates on its future total addressable market also remain wildly diverse. Bloomberg Intelligence expects the market to represent $800 billion in demand by 2024. On the other hand, a Morgan Stanley analyst is touting an $8 trillion figure. Who knows?
FB key statistics
Since earnings on October 25, FB stock bottomed out around $310 before bulls jumped in to buy up undervalued shares. Since then FB stock has created a sort of ascending price channel starting on October 29. A double top on November 15 and 22 surrounding $353.75 may have scared off some bulls, but FB shares once again found their footing at $333, well above the earlier support of $327.
$353.75 is now the first target for bulls, but looking at the ascending price channel, it seems quite believable that Facebook will continue within the current trend. This ascending price channel has worked for nearly a month at present.
Looking ahead to December, that would make the region between $360 and $370 the most likely target for bulls. In order to do so, however, FB shares need to remain above $340 to keep bulls ambitious. Any dithering may have some traders give up. Closing below $333 will make this thesis obsolete.

FB 1-day chart

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EUR/USD picks up bids to refresh intraday high around 1.1215 during the initial Asian session on Friday. The major currency pair dropped to the fresh low since July 2020 before consolidating on Thursday. 1.1500, 200-week SMA adds to the upside filters.
GBP/USD defends the 1.3300 threshold, taking rounds to the recently flashed yearly low during the early Asian session on Friday. In doing so, the cable stays inside a one-week-old falling trend channel. Although the bearish channel keeps sellers hopeful, MACD and RSI conditions signal a corrective pullback targeting the channel’s upper line near 1.3340.
Gold was little changed, with markets in the US closed for Thanksgiving but remains heavy following the renomination of Jerome Powell as a hawkish move. The yellow metal is trading up 0.20% vs the greenback which appears to be consolidating.
Polygon (MATIC) price has been rising despite most cryptocurrencies having been on the back foot these past few days. With this uptick, bulls are now
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