Watch These Meta Price Levels as Stock Pops on Earnings Beat as AI Spending Pays Off [Video]

Shares in Meta Platforms (META) jumped more than 7% in extended trading on Wednesday after the social media giant’s second-quarter earnings and sales topped Wall Street’s estimates, giving investors confidence that the company’s significant investment in artificial intelligence (AI) infrastructure is reaping benefits.

The tech behemoth’s stock price has fluctuated significantly after recent quarterly reports. In February, the shares surged more than 20% on Q4 results amid the declaration of the company’s first ever dividend, while light second-quarter revenue guidance sparked a drop of over 10% following Q1 earnings in April. 

Below, we take a closer look at Meta’s chart and use technical analysis to identify key levels to watch out for.

Since the stock’s earnings-driven breakaway gap in early February, the price has remained in a trading range, fluctuating several times above and below the 50-day moving average (MA), indicating a lack of clear direction.

A move to a new all-time high (ATH)above the …