Meta stock price (NASDAQ: META) is experiencing high volatility as Fed Chair Jerome Powell is set to speak later today. On Wednesday, the US stocks are showing a mixed price action. The tech heavy Nasdaq 100 index opened higher but the selling pressure turned the daily candle red.
At press time, the stock of the Facebook parent, Meta, is changing hands at 319.5. The shares of the social media giant are struggling to gain strength above the $326 level. This key level has been tested multiple times in the past few months, but the stock failed to break above.
Since a major pullback in August, Meta stock price has outperformed most of its tech peers. While other industry giants have faced a strong sell-off due to the concerns about Fed tightening, META has remained in an uptrend. During this time, the stock has gained 17% which makes it one of the best performing tech stocks.
Multiple FOMC members are set to speak today. The list also includes the Fed Chair Jerome Powell, whose previous speeches have affected the markets. This is because traders and investors look for hints in his speeches for any upcoming policy changes.
The CME Fed Watch Tool is predicting an 88.8% probability of the rates remaining the same in the upcoming FOMC meeting which is set to take place on 1st November.
NASDAQ: META Chart
Meta Stock Price Prediction
After a breakout from the uptrend, NASDAQ: META is trading within the $288 to $326 range. The recent rejection from the high of this range is looking like a potential formation of the double top. As I have mentioned in previous articles, the double top patterns usually result in major price reversals.
A breakout above the range highs will turn Meta stock price prediction very bullish. If this move occurs before the upcoming earnings report, the bullish target of $352 may also become valid. However, the current price action is pointing towards another retest of the $308 level.