Earnings season is really kicking up this week, and Meta Platforms (META) is reporting on Wednesday, October 21st. Let’s take a look at the stock given everything it has going on with its latest Muse app, AI spending, and more.
Two Support Levels to Monitor Into Earnings
Below is the daily chart for Meta. Most recently, it’s been coming down off the September 24th high. This coincided beautifully with a peak in the Bull Resistance Power Zone. I dive into this very foundational concept in my Winning RSI Playbook and expand from there.
The current price action is in the 690.00 area, and there are two areas of support that I think are important to monitor into the earnings announcement.
The first is the 50% retracement of the advance from the August 19th low. That value is 658.55. Now, this is a projected support level. Projected support means price didn’t actually make a high or low there. It’s just based on an important relationship between other parts of the price action. The thing is, projected price can be super useful, but it is not as hard and fast as a past traded price level.
Beyond that, looking lower on the chart, the other support I’d watch is the Old Top from August 11th at 612.43. I dare say that if Mr. Gann himself were looking at this chart, he would also agree that’s an important support because of how Old Tops and Old Bottoms behave in our markets. I dive more into that in my Gann Trading Patterns System.
A Potential Turn Higher and Resistance to Watch
So right now, we’re on a down move. However, going back to the RSI, it has returned to the Bull Support Power Zone. So this creates an opportunity where maybe Meta is getting ready to turn higher.
Remember, earnings can really accelerate moves. What I’m doing here is just giving you context for the current chart. You’ve got to be prepared for the possibility of a gap or any dramatic action.
Looking back on the upside, the most immediate resistance levels are the October 13th high at 771.27 and the September 24th high at 779.82. Those would be the ones to watch before considering a return to the 800.00 area.
Along the way, though, there’s more short-term resistance at 734.84. This is an Old Low, meaning it was the low of a previously traded important range, and so it is another one that I would closely monitor.
So that’s my take on Meta into earnings. We’ll see what unfolds!
👉 P.S. What’s on Your Earnings Watchlist?
Meta is one of the stocks I’m watching as earnings season picks up. Which stock charts are you keeping an eye on into its earnings announcement here in Q4 2026?
Comment below and let me know.
And remember, First 40 Trading Club members can bring their tickers to Hima at Office Hours for live analysis and discussion! Next session is tomorrow Wed Oct 21st at 4:30 PM ET. Visit himareddy.com/events any time for the full training calendar.
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