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On Thursday, Meta stock fell below the $325 mark, which was expected to be a solid support level after the price had previously risen above it. By the end of the day, the stock was trading at $323.25.
Other tech stocks saw similar declines, but Nvidia and Meta experienced the most significant drops, falling 2.94% and 2.74%, respectively.
The last day of November brought a lot of economic data, including the PCE inflation numbers and jobless claims. Although these reports indicated easing inflation and a loosening job market, they weren’t enough to keep stocks trending upward.
In my previous analysis of NASDAQ: META, I noted that the $325 level was crucial for the bullish outlook. Since the stock is now trading below this level, if it remains under $325, the forecast for Meta could turn very negative with lower price targets ahead.