Meta continues to move higher, however, headwinds are ahead.

Meta continues to have a blockbuster year rising more than 130% YTD and recovering more than 70% of its 2022 loss. In recent weeks, however, the stock has continued to falter with the 2023 trendline breaking to the downside for what looks to be some consolidation. Looking at the chart, support for the tech stock sits a $275 which was the June consoliation zone and the August support. A break below this zone could suggest a more negative outlook in the stock for the remainder of the year with further support at $240. Towards the upside, the trendline support now acts as a resistance barrier, however, this still can mean the stock can trend up higher, with a break above the ascending trendline just confirming a more bullish sentiment. Overall Meta has a lot in the pipework with AI and its ability to reach over half the world.