Meta aims to rival OpenAI with advanced AI tools. Idea 22/04/24

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Meta Platforms Inc. is ramping up its efforts to compete with AI industry leader OpenAI by launching early versions of its latest large language model, Llama 3, and a real-time image generator. These advancements are part of Meta's strategy to enhance its presence in the AI space, integrating these technologies into the Meta AI virtual assistant. This assistant is touted as a highly sophisticated, free alternative in the market, excelling in reasoning, coding, and creative writing tasks.

Further integration of the AI assistant is planned across Meta's suite of applications, including Facebook, Instagram, WhatsApp, and Messenger, as well as a new standalone website, significantly broadening its user interface.

Looking at the investment potential, here is the technical analysis for Meta Platforms Inc. (NASDAQ: META):

The Daily (D1) timeframe shows established resistance at 512.20 USD and support at 487.15 USD. The stock is currently experiencing a correction after pausing its uptrend, with prices yet to touch the global support line. If the stock price rises above 487.15 USD again, it is expected to resume its upward trend. Conversely, a fall to 452.50 USD may be imminent if the downtrend continues.

Investors might consider buying the stock once it reclaims the support level at 487.15 USD, with a short-term target of 530.00 USD in view. For those with a medium-term outlook, holding a long position up to 550.00 USD could be advantageous.

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