Red line -bullish channel
Blue lines- Fibonacci retracement levels
Green lines- Fibonacci extension targets
META stock price is trading around $299. Price has broken out of the red upward sloping channel, reached very close to the 23.6% Fibonacci retracement, bounced towards $312 and formed a lower high. Price is showing reversal signs. If Meta stock price continues its downward move, I expect at least a double bottom around $275 to be seen. If price breaks below this recent low then I will be expecting price to move towards the area between the 38% Fibonacci retracement ($234) and the 161.8% Fibonacci extension target ($229).
