As the market indexes face rising selling pressure and Nvidia loses support at key benchmarks, Meta Platforms finds support, holding within its latest buy range. Amid bearish sentiment in the market, Meta stock and fellow Magnificent Seven stocks Nvidia and Alphabet remain fixtures on IBD Leaderboard. Tesla has found a parking spot on the watchlist.
Meta Stock Lines Up Well While Nvidia Stumbles
The tech-heavy Nasdaq has retreated below its 50-day moving average, with Nvidia following suit. Also note that the AI juggernaut has seen its 21-day exponential moving average cross below the 50-day benchmark, a sign of weakness.
But Meta Platforms continues to show resilience in this troubled market.
As you like to see, its main moving averages — the 21-, 50- and 200-day lines — stand in proper alignment. That is, all the shorter-term averages are above the longer-term lines. Google stock and Tesla can also make that claim.
Meta Joins Google In Buy Range In Tricky Market
While Nvidia drops for a fourth straight down day, Meta stock and Google have held their ground in buy range. But note that in addition to pressures in the market indexes, the most recent bases for Meta Platforms and Alphabet, as well as Nvidia, are late-stage ones. Such patterns bring elevated risk.
That said, Meta has continued to buck the market and fight its way back into a 602.95-633.10 buy range from a third-stage flat base. The social media and AI powerhouse also sports a strong relative strength line, earning a blue dot in MarketSurge.
As Meta stock looks to retake its 21-day line, shares have refused to cede much ground, while the market has taken a bite out of fellow Mag 7 members Nvidia and Apple.
Earnings Season Ahead
As Meta Platforms and others test buy zones and moving averages, earnings season looms on the horizon.
Meta Platforms and Tesla are expected to report on Jan. 29. Alphabet is set for Feb. 4, followed by Nvidia on Feb. 26.
Check the earnings calendar — updated every Friday — for upcoming dates and related news and analysis.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
