Facebook took another step in its evolution into a multi-platform virtual company when they changed the company name to Meta Platforms. There’s been a lot of intrigue around the name change as current platforms Instagram and Facebook continue to show strength.
But as tech continues to trend higher at elevated prices, some are wondering if this bull market is getting long in the tooth. And perhaps consumers aren’t quite ready for a full-dose of virtual and augmented reality just yet…
One way to track both of these questions is through Meta Platforms stock (FB). Below is a “weekly” chart highlighting a short-term narrowing pennant pattern. FB is currently testing rising support within this pattern, as well as two key moving averages at (1).
What happens here could be important for the company, as well as the broader tech sector. This looks like a reality test at (1). Stay tuned!