Meta Platforms (META) lost 16% to $414 after its Q1 2024 earnings release despite beating Wall Street consensus on both revenue and EPS. The company also announced a massive $50 billion buyback. However, there was a touch of disappointment due to rising capital expenditures.

Meta stocks recovered in the following two months, hitting $495 per share, the level seen just before the Q1 earnings release. Stocks even climbed above the $500 psychological barrier last week. This upward momentum suggests that Meta's stock prices could climb solidly to the resistance of the ascending channel.

I am planning to open a long trade from current prices at $490-509 with a target at $580-600. A stop-loss could be placed at $410.