Meta’s descent: Will gap fill support spark a $700 reversal?

Meta Platforms, the social media giant behind Facebook, Instagram, and WhatsApp, finds itself in a technical predicament that's capturing the attention of chart watchers everywhere. After peaking near $785 in late October, META has been sliding down a well-defined resistance trendline, shedding roughly $180 in value. The stock currently trades around $602, and the next few sessions could determine whether we're witnessing a temporary pullback or the beginning of something more serious.

The chart tells a straightforward story: that descending yellow trendline has been META's ceiling since the peak, consistently rejecting any attempts to push higher. Each touch has reinforced its significance, and right now, this line sits as the single most important level to watch. If bulls can reclaim territory above this trendline, we're looking at a potential rally back toward the $700 level or higher—a move that would erase much of the recent damage.

But there's a catch. Before any thoughts of $700 can materialize, META needs to hold its ground at the current price zone. Just below, we've got two gap fill support levels that act like safety nets: the first at $577 and a deeper one at $549. These gaps represent unfilled price voids from previous trading sessions, and they often attract price action like magnets. The upper gap at $577 is particularly relevant because it's the first line of defense if the current level fails to hold.

What makes this setup intriguing is the binary nature of the outcome. Either META finds support in this zone, consolidates, and eventually breaks back above that resistance trendline for a run toward $700, or the selling pressure continues and we test those gap fill levels below.

For traders eyeing the bullish scenario, reclaiming the trendline with conviction would be the green light—that's your confirmation that buyers are back in control. On the flip side, a breakdown below $590 would suggest the path of least resistance remains lower, potentially toward $577 or even $549.

The next chapter in META's story hinges on whether support can hold and whether bulls have enough firepower to break through that overhead resistance. One thing's certain: this chart is setting up for a decisive move, and traders on both sides are positioning accordingly.