For more than a year now, a group of seven stocks called the Magnificent 7, have been stealing the spotlight in the stock markets. These stocks, namely Apple, Alphabet (Google’s parent company), Amazon, Meta (formerly Facebook), Microsoft, Nvidia, and Tesla, have been performing exceptionally well.In the year 2023 alone, they collectively returned a whopping 106%, making the 24% gains of the S&P 500 seem small in comparison. Even within this group of seven stocks, there were standout performers, and Meta Platforms Inc (Nasdaq: META) was one of them.Meta’s stock has been on an impressive upward trend this year as well, soaring over 40% since the beginning of the year. However, despite this strong performance, Meta has been struggling to surpass the $500 mark for nearly a month now.The question now arises: Will Meta overcome this obstacle, or could these initial signs herald a shift in momentum? Let’s delve deeper to uncover the answer.
Surpassing past peaks: Scaling new heights
Meta went public in 2012 at $38 per share. Within a few months of making its stock market debut, the stock crashed to $18. In mid-2013 when the stock was languishing near $25, it started a massive bull run that lasted 8 years. 
Meta chart by TradingView
After making a high above $380 in August 2021, the stock saw a sudden and violent downtrend that took it down to sub-$ $100 levels by the end of 2022. However, it didn’t spend much time there and immediately started a bull run that has lasted until now.Despite recently touching a high of $523.57, Meta has encountered challenges in maintaining levels above $500. Nevertheless, the long-term indicators remain robust, signalling sustained strength and offering no indication of an impending reversal.
Trapped in the short-term
The short-term charts paint a different picture though. Following a strong start on February 1 driven by robust Q4 results, the stock has traded within a relatively tight range, fluctuating between $460 and $520.Despite indications of oversold conditions on the hourly Relative Strength Index (RSI), the Moving Average Convergence Divergence (MACD) remains in negative territory, signalling a persistent downward trend. This might raise concerns among bullish investors. However, there’s still room for optimism. 
Meta chart by TradingViewSustained trading above the $460 mark could herald the resurgence of bullish momentum in the near future. Conversely, a breach below this threshold might entice bearish investors to capitalize on shorting opportunities, potentially exacerbating the stock’s decline.Such a scenario could see the stock retrace further, possibly filling the gap between $400 and $460. Should this materialize, a key support level lies at approximately $394.5, constituting a 61.8% Fibonacci retracement between recent swing low and high.More By This Author:Lucid Group’s Stock Climbs: Are Higher Gains In Sight? New Zealand Falls Into Second Recession In 18 Months Warner Bros Stock Sits At A Key Support Level
