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Meta stock price is maintaining its uptrend which started in April. On Monday, the shares of the tech giant are up 1.2% as bulls attempt to break the $500 barrier. Since last week, NASDAQ: META has been stuck within a very narrow range but a breakout seems imminent.
The recently released US jobs data has shown a hotter-than-expected jobs market. The data revealed that the world’s biggest economy added $272,000 in non-farm payrolls in May. This was a massive increase from the market expectations of $185,000.
As a result, the benchmark US indices tumbled on Friday and Meta stock also fell 1.08%. However, the markets are looking more optimistic on the first trading session of this week as the shares of the social media giant change hands at $500.74 at press time.
According to the latest Meta news, the US Supreme Court has agreed to review Meta investor data. A shareholder lawsuit accuses Meta Platforms Inc. of misleading its shareholders on the data harvesting scandal which involved Cambridge Analytica.
However, the news hasn’t had any impact on the stock price as the share comfortably trade above $500 on Monday morning. The uptrend in Microsoft, Nvidia and Amazon is also contributing to the positive sentiment around tech stocks.
The following NASDAQ: META chart depicts that the price took a nosedive after its earnings report in April 2024. However, after forming a bottom at $414.50, the price has been in a constant uptrend. During this time, an upward trendline has been acting as a support, as is visible on the chart.
Meta stock price forecast depends on the upcoming retest of the supply zone which lies above $511. This zone is shown as the red box in the following chart. If bulls break above this zone, the price could surge above $600 within a very short time.
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