- Meta’s stock has experienced a surge of 269% from November 2022 to July 2023.
- The company’s ambitious endeavors in artificial intelligence, such as developing a chatbot to rival OpenAI’s GPT-4, have contributed to its stock resurgence and investor optimism.
Meta Platforms Inc META is demonstrating resilience and growth potential, as shown by its recent stock market performance.
The company’s journey from November 2022 to July 2023 has demonstrated determination, adaptability, and forward-thinking.
During this period, the stock experienced a significant surge of 269%. However, after reaching its peak at $326, the stock entered a consolidation phase as buyers appeared to have exhausted their momentum.
The stock price dropped by 15% to $274 due to the resistance at $326.
This decline is important not only in terms of numbers but also because it relates to key technical indicators.
It is noteworthy that, for the first time this year, Meta’s stock price fell below both the 20 and 50 simple moving averages, which had previously provided strong support during its bullish phase.
Despite recent challenges, Meta has shown remarkable resilience and gained the market’s trust in its potential.
The stock has not only reclaimed its position above the 20 and 50 simple moving averages, but it has also surged past the significant $300 level, with a 13% climb since its recent low.
Meta’s stock resurgence can be attributed to its ambitious plans in the field of artificial intelligence. The company aims to create a chatbot that could potentially compete with OpenAI’s GPT-4 in complexity.
Meta plans to start training these new language models in 2024, highlighting its dedication to remaining at the forefront of technological advancements.
With the AI sector continuously progressing, it is not surprising that investors are optimistic about Meta’s future, resulting in an upward trend for the stock.
If the stock can successfully surpass and maintain a close above $326, this would signal bullish investors that the upward trend could continue.
However, investors should be aware of the next major hurdle at $343, the highest point reached in 2022.
Investors should also approach with caution the September 2021 all-time high of $384, as it has the potential to hinder the current momentum and buying activity.
After the closing bell on Thursday, September 14, the stock closed at $311.72, trading up by 2.18%.
