Market Analysis: META Stock Up 7% After Report

<img src="https://fxopen.com/blog/en/content/images/2023/07/Meta1.jpg" alt="Market Analysis: META Stock Up 7% After Report" /><p>The social media giant&apos;s second-quarter results encouraged investors as ad revenue surged, the company is embracing AI, monetization of Instagram and Reels.</p><ul><li>Facebook now has 2.06 billion daily active users, up 5% from a year ago. And taking into account Instagram and other applications — 3.07 billion, which is 7% more.</li><li> At the same time, the number of employees decreased by 14% compared to last year to 71,000 people. Zuckerberg said the austerity program will run until 2024.<br></li></ul><figure><img src="https://lh3.googleusercontent.com/umcA_RwytSlG1_orbEFKnNIYRW8UmOIfMiJpJFBVwJGAuY6aC0Yz83tTPACudNJ0MiOjzXhHt3XtmngDTXVMcOtiK91fFSTRfTBbaxlenYlJ0Jhj6w1oZ-QxMJEAh3uBB47ziCbwnjAPwZiUEvF-PaA" alt="Market Analysis: META Stock Up 7% After Report" loading="lazy" /></figure><p>Amid the data, META&apos;s stock price jumped 7% in premarket trading. The META stock chart shows that:</p><ul><li>today the price should update the high of the year;</li><li> with this sharp momentum, the bulls get the opportunity to gain a foothold above the psychological level of $300, pushing off from the support around $290.</li></ul><p>Possible resistance level:</p><ul><li>the $350 psychological mark, where the 2022 high is approximately located.<br></li></ul><p>Possible support levels:</p><ul><li>median and lower limit of the active ascending channel;</li><li> the $305 level that had an impact on the price in July.<br></li></ul><p>According to the WSJ, analysts see an average target price for META&apos;s stock at around USD 330, but given the company&apos;s performance as evidenced by the report, the target price could be revised upwards by analysts.</p>