Meta Stock Price Opens Higher As Threads App Hits 100 Million Users
Meta (NASDAQ: META) stock price has been on fire lately. The stock of the social media giant is having a great year as the price has surged 134% since the start of 2023. This makes the stock of Meta Platforms Inc. one of the best-performing tech stocks of the year.
On Monday, stock of the Facebook parent opened higher and retested last week’s high of $298. At press time, the META stock was changing hands at $297.5, which is just a few cents below the monthly high of $298.12. The latest analysis suggests a pullback might be on the cards.
Meta’s Threads App Breaks Record
Meta Platforms Inc. launched a Twitter-like app known as Threads last week. The app reached 1 million users within just 60 minutes, making it the fastest app to hit the milestone. As per the latest reports, the social media app has reached 100 million users.
The ongoing surge in META stock price can be attributed to the success of the Threads app, which is already giving Twitter a run for its money. Users just need to download the app and sign in with their Instagram username and password.
Meta Stock Forecast July 2023
While it is very difficult to call the top of a bullish rally, the NASDAQ: META chart appears to be overextended. The Relative Strength Index (RSI) and the Money Flow Index (MFI) are showing bearish divergences. These divergences often predict the top of the upward rallies.
Unlike other analysts, my Meta stock price prediction is not very bullish. The reason is that the stock has already surged 134% this year, and the ongoing price action is due to the hype of the Threads App. Meta shares are currently retesting the bottom trendline of the ascending channel on a higher timeframe.
The technicals and the fundamentals are pointing towards a pullback in the coming weeks. However, there is still a slight chance of the price making a higher high of $320, but I won’t take that risk.
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