Meta Platforms is growing. Should you continue holding?

Meta Platforms (NASDAQ:FB) is gathering bullish momentum after closing the week at $221. The stock gained as the company’s Metaverse ecosystem continued receiving buzz news in the week. Virtual assets on the platform are increasingly on sale, pointing to growth in the business.

FB has been finding ways to grow revenues from data and new innovations. The most recent addition, Metaverse, has continued to attract a lot of attention. This offers opportunities for new growth. Metaverse is highly attractive among technologically savvy investors. The hype will continue creating opportunities for growth in the stock.

FB is likely to pull back to $185 before gaining

Technical analysis shows that FB is set to gain. The RSI just emerged from the oversold region and just crossed the simple moving average RSI at 33. The movement is a signal that FB is ready for bullish momentum.

Whereas the stock is set to gain, we observe that the gains will be gradual and may take a few weeks. Once the momentum is on, the company will find resistance at $270. In the meantime, investors can expect the stock to stabilize at levels between $185 and $220. Investors should be on the lookout for any major news on metaverse.

Summary

FB receives growing attention as metaverse transactions increase. The stock is likely to find a high of $270 in the medium term, but before that the stock will stabilize between $185 and $220. We advise holding the stock or selling now to buy later when the prices are slightly lower.