Since the major swing low of 7 April 2025, which was seen across the major US stock indices ex-post US Liberation Day tariffs announcement, Meta Platforms performed almost on par (39.12%) with the “Magnificent 7”; 6 mega-cap technology stocks, inclusive of Tesla (40.34%) (see Fig 1).
Meta Platforms is set to report its Q2 earnings after the close of the US session on Wednesday, 30 July. Analysts expect earnings per share (EPS) of $5.88, up from $5.16 in the same quarter last year.
Preferred trend bias (1-3 months)
Bearish bias with 747.90 as key medium-term pivotal resistance, and a break below 680.50 exposes the next medium-term support at 620.55 (also the 200-day moving average and the 50% Fibonacci retracement of the up move from 21 April 2025 low to 30 June 2025 all-time high).
Key elements
- Based on the Elliot Wave Principle/Fibonacci analysis, the recent medium-term uptrend phase from 21 April 2025 low to 30 June 2025 high may have reached an exhaustion point at 747.90, which increases the odds of a medium-term corrective decline at this juncture.
- The daily RSI momentum indicator has staged a bearish breakdown below a key parallel ascending support and has yet to reach its oversold region (below 30). These observations suggest a build-up of bearish momentum.
- The ratio chart of Meta Platforms versus the S&P 500 has trended lower since 11 July 2025, which highlights further potential relative strength underperformance of Meta Platforms against the S&P 500.
Alternative trend bias (1 to 3 months)
A clearance above 747.90 invalidates the corrective decline scenario to see the continuation of the bullish impulsive up move sequence for the next medium-term resistances to come in at 804.90 and 848.00 (Fibonacci extension and the upper boundary of the long-term secular ascending channel from the October 2022 low).
Opinions are the authors’; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.
