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Meta’s stock price (NASDAQ: META) is seeing significant fluctuations as investors await a speech from Fed Chair Jerome Powell later today. On Wednesday, U.S. stocks are showing mixed results. The tech-heavy Nasdaq 100 index started off strong but ended up in the red due to selling pressure.
Currently, Meta’s stock is trading at $319.50. The shares have struggled to stay above the $326 mark, which has been a tough barrier to break through despite several attempts over the past few months.
Since a major pullback in August, Meta’s stock has performed better than many of its tech counterparts. While other major tech companies have faced sell-offs due to concerns about the Federal Reserve tightening, Meta has been on an uptrend. The stock has increased by 17%, making it one of the top-performing tech stocks.
Several Federal Open Market Committee (FOMC) members, including Jerome Powell, are scheduled to speak today. Traders and investors pay close attention to these speeches for any clues about future policy changes.
The CME Fed Watch Tool indicates an 88.8% chance that interest rates will remain unchanged in the next FOMC meeting on November 1.
After breaking out of an uptrend, Meta’s stock is currently trading between $288 and $326. The recent rejection near the top of this range suggests a potential double top pattern, which often signals a major price reversal.
If Meta’s stock breaks above the upper range, it could turn the prediction very bullish. This move could even set a target of $352 before the upcoming earnings report. However, the current trend suggests that the stock might retest the $308 level before any further movement.