Meta - Daily

Expected to report an EPS of $3.64 on revenue of $33.57bn

Meta is reporting its quarterly earnings today after the US market closes. Currently, its stock is trading at around $309.71 a share. Meta’s stock has managed to weather the headwinds within the global markets, despite the fear of yet another rate hike and rates staying ‘higher for longer’. However, we can see that a breakout attempt above $329.96 was rejected earlier in the month, the price since then has retraced ahead of its earnings. From a technical overview, support now sits at $305.45 and a break below it could see a slide back towards the lower trendline, where support sits at $298.61. Towards the upside, resistance sits at $312.84 then at $316.19 and then at $318.79. A break and close above $318;79 could lead to another attempt at the tough resistance of $329.96 (upper trendline). Looking at the technical indicators, they suggest a mixed outlook ahead of the earnings. The MACD is officially confirmed as negative but the RSI is neutral as it reads 47.