Shares of Meta Platforms Inc., an American multinational holding company that owns a technology conglomerate and the largest social network Facebook, are trading at 570.00.

A correction trend is forming on the daily chart, within which the price stays within a wide ascending channel with dynamic boundaries of 620.00–490.00.

On the four-hour chart, the quotes reached the resistance line 610.00 and are reversing downwards. Despite holding above the summer high of 535.00, the probability of continuing the upward dynamics is low, which confirms the possible formation of a reversal pattern Head and shoulders with the Neckline already passed at 560.00.

Technical indicators give a sell signal: fast EMAs on the Alligator indicator are actively moving away from the signal line, and the AO histogram is forming correction bars in the sales zone.

Trading tips

Short positions may be opened after the price declines and consolidates below 554.00, with the target at 500.00. Stop loss is 565.00. Implementation period: 7 days or more.

Long positions may be opened after the price grows and consolidates above 581.00, with the target at 624.00. Stop loss is 570.00.