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Meta Platforms (META) shares hit another record high Friday as investors continue to pile into the stock, impressed by the tech giant’s latest artificial intelligence (AI) and metaverse innovations revealed last week at the company’s Connect conference.

Earlier this week, the shares received a boost after Pivotal Research analyst Jeffrey Wlodarczak initiated coverage on the stock with a “buy” rating, pointing out that the Facebook and Instagram parent’s AI initiatives have it well placed to boost user engagement, helping the company gain market share in search and social media.

Meta shares were up 0.4% at around $585 in midday trading Friday. The stock has gained 65% so far in 2024, handily outpacing the S&P 500’s return of around 20% over the same period.

Below, we take a closer look at the technicals on Meta’s chart and point out key price levels worth watching.

Meta’s price has continued to grind higher since breaking out from an ascending triangle last month, however, trading volumes have decreased throughout the move, potentially signaling a tiring uptrend in the stock.

Moreover, while the relative strength index (RSI) confirms bullish price momentum, it also warns of overbought conditions, opening the door to short-term profit taking.

Looking ahead, investors should eye several key retracement levels on Meta’s chart, while also monitoring a couple of bullish price targets we can forecast using technical analysis.

During an initial pullback in the stock, it’s worth keeping an eye on the $535 level, a key region on the chart near the ascending triangle top trendline that may have flip from providing prior resistance into offering future support.

A breakdown below this level could signal a potential trend reversal, leading to a retest of lower support around $480, an area where the shares would likely attract buying interest near the rising 200-day moving average and a range of similar trading levels on the chart between February and August.

Forecasting chart-based price targets essentially works by using historical price action to predict future moves.

To project a price target using the measuring principle, we calculate the distance between the symmetrical triangle’s two trendlines near the start of the pattern and add that amount to the breakout point. In this case, we add $165 to $535, which forecasts a target of $700.

We can predict a price target using the bars pattern by taking Meta’s trend higher from December to March and overlaying it on the chart from last month’s low, a technique that forecasts a target of around $790. 

The prior move, which also started from the lower trendline of an earlier ascending triangle, occurred over 62 trading days, meaning a similar trending move could potentially play out until early December if price history rhymes.

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The European Union (EU) voted to impose more tariffs on Chinese-made electric vehicles (EVs), risking further retaliation from Beijing, which in August launched an anti-subsidy investigation into EU dairy imports.

The final tariffs reportedly could rise as high as roughly 45% when including the EU's existing 10% tariff on imported vehicles. In preliminary versions of the plan, the European Commission, the EU's executive arm, said that the tariffs would range between 9% and 36%.

The EU is wrapping up a lengthy investigation into whether Beijing's subsidies allow Chinese EVs to be sold at such a low price that they are anti-competitive. The EU will present its "definitive findings" by Oct. 30.

The Commission said that it will continue to work with Chinese officials to find "an alternative solution" before the tariffs are finalized.

China has said there is no evidence that its imports harm the European market, and some EU members have voiced concerns that China could retaliate with its own new tariffs, as it has already opened its own investigation into dairy imports from the bloc.

Earlier this year, the U.S. and Canada boosted tariffs on Chinese EVs, with the White House saying the move was aimed at protecting American workers "from China's unfair trade practices."

In response to the proposed EU tariffs, in June Stellantis (STLA) announced it would shift some EV production from China, while Tesla (TSLA) said it would raise prices for its Model 3 in Europe.

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Another federal court has blocked President Joe Biden's student loan forgiveness program.Less than a day after a federal court in Georgia allowed the Department of Education to proceed with a program forgiving student debt, a different federal court in Missouri blocked it before it could go into effect.

The ruling Thursday by Eastern District Court of Missouri judge Matthew Schelp, an appointee of former president Donald Trump, once again freezes a rule change that would wipe out some or all of the federal student loans of millions of borrowers.

It was a legal victory for Missouri and a group of seven other Republican-led states that sued to stop the program's rollout, which had been planned for as soon as this month.

The ruling is the latest twist in the Biden Administration's efforts to cancel student loan debt for large swathes of the nation's 43 million federal student loan borrowers.

Should the rule changes survive the legal challenges, it it would bring the total number of borrowers who had their loans at least partly forgiven to 30 million, when combined with the 4 million who have already received forgiveness under various rule changes by the White House.The fate of the latest effort at forgiveness could end up being decided by the same conservative-majority Supreme Court that struck down a previous Biden forgiveness plan in June 2023. The high court may also end up ruling on the legality of the SAVE repayment plan that Biden's administration created, and which is currently on hold while legal challenges by Republican states go through the courts.

The ongoing legal battle over student loan forgiveness, which breaks down on partisan lines, highlighted the stakes of the presidential election for student loan borrowers. Republicans have opposed forgiveness efforts, arguing that they're not fair to people who paid their loans or didn't go to college, and that Biden's programs are unconstitutional.

Democratic proponents of forgiveness say it's necessary to help borrowers deal with what is often a crushing financial burden. Democratic candidate Vice President Kamala Harris has supported efforts at student debt cancelation, while her opponent, former president Trump, has criticized it.

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Rivian Automotive (RIVN) shares sank Friday as the electric vehicle maker missed third-quarter delivery estimates and slashed its full-year production outlook because of difficulties in getting a part.

Rivian said it built 13,157 EVs in the quarter, and delivered 10,018. Analysts surveyed by Visible Alpha were looking for 12,08O deliveries. The company's latest news extended a recent slide in a stock that has fallen from levels seen this summer following an investment from Volkswagen.

The company cut its 2024 production estimate because of a supply shortage of a component used to build its R1S SUV and RCV commercial van. It added that the issue began in the third quarter, and “has become more acute in recent weeks and continues.”

Rivian now anticipates it will manufacture 47,000 to 49,000 EVs this year, down from its previous forecast of 57,000. Visible Alpha estimates were for 54,910. The company reaffirmed its guidance for deliveries of a low-single-digit increase from 2023, putting it in a range of 50,500 to 52,000. The company is slated to report third-quarter financial results after the market's close on Nov. 7.

Shares of Rivian Automotive have lost nearly half their value in 2024. The stock was recently down about 6%.

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Summit Therapeutics (SMMT) shares surged Friday morning, a day after after the biopharmaceutical company said its developmental lung cancer drug was granted Fast Track designation by the Food and Drug Administration (FDA).

Summit said it has completed the enrollment process for a Phase 3 trial of ivonescimab, which will include patients across North America, Europe, and China. It said it looks forward to completing its first global study of the drug, which has been used to treat more than 1,800 patients in previous trials.

"As our belief in the potential for ivonescimab to make a meaningful, positive difference continues to grow, we are pleased that the FDA has granted Fast Track designation for ivonescimab," Summit Chief Executive Officer (CEO) Robert Duggan said.

Positive results in a previous Chinese trial for the drug sent Summit's stock skyrocketing last month, more than doubling in value to a record close of $31.93 over five trading sessions.

Summit shares have since retreated, but were up 13% to $21.05 soon after markets opened Friday.

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Nollywood veteran Binta Ayo Mogaji is urging women over 35 to think about having children outside of marriage.

In a recent interview with Oyinmomo TV, the 60-year-old actress, who became a mother at 40, encouraged unmarried women who want to experience motherhood to explore the option of having children without waiting for marriage.

“What I’m saying is, once you’re 35 or older and you don’t have a husband, but there’s someone in your life who is with you but not ready for marriage, and he wants a child, have a child with him, even if he won’t accept responsibility for the child.

When she is looking for a husband at 35, they’ll say she’s too old and won’t be able to wash clothes for her mother-in-law or be controlled.

They’ll advise the man to find a younger lady to listen to him. Even if she’s fortunate to marry at that age, she’ll already be old when her child grows up. Some people at 45 or 50 are already grandmothers.

When your mates are grandmothers, and you’re still saying you’re looking for a husband, when will you find a husband and become a grandmother?

So, my advice is, if God blesses you with someone who likes you and you can have children together, go ahead and do it.

If you find someone you like, ask him to impregnate you as long as you want a child and can take care of the child. But if you want a child and cannot find a man to impregnate you, then consider adoption.”

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