Meta Platforms (META) (a.k.a. Facebook) is ready to report its second-quarter results after the close of trading Wednesday. Analysts have been going over their forecasts and checking them twice, but the charts are not subject to assumptions and revisions, so let's check them in the metaverse.
In this daily bar chart of META, below, we can see that prices have struggled to find a durable low in recent months. Lows in March, April and May were all broken. A new low in June does not look all that secure. Prices are trading below the declining 50-day moving average line. The daily On-Balance-Volume (OBV) line has been moving sideways since February. Sideways is better than down but not as good as up. The Moving Average Convergence Divergence (MACD) oscillator has made higher lows since February but it has not yet moved above the zero line.
In this weekly Japanese candlestick chart of META, below, we can see a large lower shadow in June and a large upper shadow in July. We could call this price action a draw, but unfortunately the major trend remains down. The weekly OBV line shows sideways movement from February. The MACD oscillator struggles to improve.
In this daily Point and Figure chart of META, below, we can see a potential price target in the $205 area.
Bottom line strategy: I have no knowledge of what META may report but the current state of the charts and indicators are not inspiring. The charts are going to need more likes and shares and aggressive buying before a sustained advance gets underway.
