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Facebook Stock Rallied 47% From This Type Of Base Pattern

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Facebook Stock Rallied 47% From This Type Of Base Pattern

This year’s stock market uptrend has resulted in a number of big price gains for top growth stocks. One of those is Facebook stock, or Meta Platforms (META), which broke out from a flat base in mid-March, leading to a 47% gain in a little over three months.




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The flat base is one of the few bullish patterns commonly formed by top stocks before they make their price runs. It is among bases such as the cup with handle and double bottom that investors should be seeking to identify the best time to buy.

A flat base is easily identifiable, with sideways action for several weeks or even a few months. But don’t let the lack of progress fool you: A flat base actually reflects unusual strength.

In a weak market, the stock holds steady in price instead of wilting with the rest, giving up as little ground as possible. This action tells you the stock wants to run higher but is being held back by the weak market conditions.

When the market pressure lifts and the major stock indexes start to rally, the stock surges out of its holding position.

Even when the market is in an uptrend, a flat base serves as a pause from which the stock can extend its longer-term advance.

A flat base must be at least five weeks in length. The percentage decline from the base’s high to low usually ranges from 10% to 15%, with a maximum depth of 15%.

In other words, let’s say you find a decline of 16% or more. That base would not qualify as a flat base, but instead it may fit the mold of a cup with handle or even a cup without a handle.


IBD Live: A New Tool For Daily Stock Market Analysis


The buy point is the prior high, or the start of the flat base. On the breakout, the stock should move convincingly above it in volume at least 40% above average. The stock should have a prior uptrend of at least 20% before creating the base.

Facebook Stock Breaks Out Past Buy Point

Following a Feb. 2 earnings-fueled 23% surge, Facebook stock corrected around 15% from its Feb. 2 high as it formed a five-week flat base with a 197.16 buy point (1), according to IBD MarketSmith chart analysis.

Facebook stock broke out on March 15, rallying 1.9% in volume that was about 25% above average (2). The following session gave the breakout more conviction. Shares jumped 3.6% in 50% above-average volume (3).

At first, the stock had some difficulty gaining traction. But the company’s strong quarterly earnings results on April 26, sent shares flying out of the 5% buy zone the next day.

Meta stock’s performance in 2023 illustrates the importance of continually searching for top stocks, especially after big moves off their lows. The stock rallied 124% off its Nov. 4 lows before the formation of its flat base. On June 26, Meta shares peaked at 289.79, more than 40% above the flat-base entry.

Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and how to invest in the stock market.

YOU MAY ALSO LIKE:

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How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks



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Facebook Faces Yet Another Outage: Platform Encounters Technical Issues Again

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Facebook Problem Again

Uppdated: It seems that today’s issues with Facebook haven’t affected as many users as the last time. A smaller group of people appears to be impacted this time around, which is a relief compared to the larger incident before. Nevertheless, it’s still frustrating for those affected, and hopefully, the issues will be resolved soon by the Facebook team.

Facebook had another problem today (March 20, 2024). According to Downdetector, a website that shows when other websites are not working, many people had trouble using Facebook.

This isn’t the first time Facebook has had issues. Just a little while ago, there was another problem that stopped people from using the site. Today, when people tried to use Facebook, it didn’t work like it should. People couldn’t see their friends’ posts, and sometimes the website wouldn’t even load.

Downdetector, which watches out for problems on websites, showed that lots of people were having trouble with Facebook. People from all over the world said they couldn’t use the site, and they were not happy about it.

When websites like Facebook have problems, it affects a lot of people. It’s not just about not being able to see posts or chat with friends. It can also impact businesses that use Facebook to reach customers.

Since Facebook owns Messenger and Instagram, the problems with Facebook also meant that people had trouble using these apps. It made the situation even more frustrating for many users, who rely on these apps to stay connected with others.

During this recent problem, one thing is obvious: the internet is always changing, and even big websites like Facebook can have problems. While people wait for Facebook to fix the issue, it shows us how easily things online can go wrong. It’s a good reminder that we should have backup plans for staying connected online, just in case something like this happens again.

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Christian family goes in hiding after being cleared of blasphemy

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Christian family goes in hiding after being cleared of blasphemy

LAHORE, Pakistan — A court in Pakistan granted bail to a Christian falsely charged with blasphemy, but he and his family have separated and gone into hiding amid threats to their lives, sources said.

Haroon Shahzad (right) with attorney Aneeqa Maria. | The Voice Society/Morning Star News

Haroon Shahzad, 45, was released from Sargodha District Jail on Nov. 15, said his attorney, Aneeqa Maria. Shahzad was charged with blasphemy on June 30 after posting Bible verses on Facebook that infuriated Muslims, causing dozens of Christian families in Chak 49 Shumaali, near Sargodha in Punjab Province, to flee their homes.

Lahore High Court Judge Ali Baqir Najfi granted bail on Nov. 6, but the decision and his release on Nov. 15 were not made public until now due to security fears for his life, Maria said.

Shahzad told Morning Star News by telephone from an undisclosed location that the false accusation has changed his family’s lives forever.

“My family has been on the run from the time I was implicated in this false charge and arrested by the police under mob pressure,” Shahzad told Morning Star News. “My eldest daughter had just started her second year in college, but it’s been more than four months now that she hasn’t been able to return to her institution. My other children are also unable to resume their education as my family is compelled to change their location after 15-20 days as a security precaution.”

Though he was not tortured during incarceration, he said, the pain of being away from his family and thinking about their well-being and safety gave him countless sleepless nights.

“All of this is due to the fact that the complainant, Imran Ladhar, has widely shared my photo on social media and declared me liable for death for alleged blasphemy,” he said in a choked voice. “As soon as Ladhar heard about my bail, he and his accomplices started gathering people in the village and incited them against me and my family. He’s trying his best to ensure that we are never able to go back to the village.”

Shahzad has met with his family only once since his release on bail, and they are unable to return to their village in the foreseeable future, he said.

“We are not together,” he told Morning Star News. “They are living at a relative’s house while I’m taking refuge elsewhere. I don’t know when this agonizing situation will come to an end.”

The Christian said the complainant, said to be a member of Islamist extremist party Tehreek-e-Labbaik Pakistan and also allegedly connected with banned terrorist group Lashkar-e-Jhangvi, filed the charge because of a grudge. Shahzad said he and his family had obtained valuable government land and allotted it for construction of a church building, and Ladhar and others had filed multiple cases against the allotment and lost all of them after a four-year legal battle.

“Another probable reason for Ladhar’s jealousy could be that we were financially better off than most Christian families of the village,” he said. “I was running a successful paint business in Sargodha city, but that too has shut down due to this case.”

Regarding the social media post, Shahzad said he had no intention of hurting Muslim sentiments by sharing the biblical verse on his Facebook page.

“I posted the verse a week before Eid Al Adha [Feast of the Sacrifice] but I had no idea that it would be used to target me and my family,” he said. “In fact, when I came to know that Ladhar was provoking the villagers against me, I deleted the post and decided to meet the village elders to explain my position.”

The village elders were already influenced by Ladhar and refused to listen to him, Shahzad said.

“I was left with no option but to flee the village when I heard that Ladhar was amassing a mob to attack me,” he said.

Shahzad pleaded with government authorities for justice, saying he should not be punished for sharing a verse from the Bible that in no way constituted blasphemy.

Similar to other cases

Shahzad’s attorney, Maria, told Morning Star News that events in Shahzad’s case were similar to other blasphemy cases filed against Christians.

“Defective investigation, mala fide on the part of the police and complainant, violent protests against the accused persons and threats to them and their families, forcing their displacement from their ancestral areas, have become hallmarks of all blasphemy allegations in Pakistan,” said Maria, head of The Voice Society, a Christian paralegal organization.

She said that the case filed against Shahzad was gross violation of Section 196 of the Criminal Procedure Code (CrPC), which states that police cannot register a case under the Section 295-A blasphemy statute against a private citizen without the approval of the provincial government or federal agencies.

Maria added that Shahzad and his family have continued to suffer even though there was no evidence of blasphemy.

“The social stigma attached with a blasphemy accusation will likely have a long-lasting impact on their lives, whereas his accuser, Imran Ladhar, would not have to face any consequence of his false accusation,” she said.

The judge who granted bail noted that Shahzad was charged with blasphemy under Section 295-A, which is a non-cognizable offense, and Section 298, which is bailable. The judge also noted that police had not submitted the forensic report of Shahzad’s cell phone and said evidence was required to prove that the social media was blasphemous, according to Maria.

Bail was set at 100,000 Pakistani rupees (US $350) and two personal sureties, and the judge ordered police to further investigate, she said.

Shahzad, a paint contractor, on June 29 posted on his Facebook page 1 Cor. 10:18-21 regarding food sacrificed to idols, as Muslims were beginning the four-day festival of Eid al-Adha, which involves slaughtering an animal and sharing the meat.

A Muslim villager took a screenshot of the post, sent it to local social media groups and accused Shahzad of likening Muslims to pagans and disrespecting the Abrahamic tradition of animal sacrifice.

Though Shahzad made no comment in the post, inflammatory or otherwise, the situation became tense after Friday prayers when announcements were made from mosque loudspeakers telling people to gather for a protest, family sources previously told Morning Star News.

Fearing violence as mobs grew in the village, most Christian families fled their homes, leaving everything behind.

In a bid to restore order, the police registered a case against Shahzad under Sections 295-A and 298. Section 295-A relates to “deliberate and malicious acts intended to outrage religious feelings of any class by insulting its religion or religious beliefs” and is punishable with imprisonment of up to 10 years and fine, or both. Section 298 prescribes up to one year in prison and a fine, or both, for hurting religious sentiments.

Pakistan ranked seventh on Open Doors’ 2023 World Watch List of the most difficult places to be a Christian, up from eighth the previous year.

Morning Star News is the only independent news service focusing exclusively on the persecution of Christians. The nonprofit’s mission is to provide complete, reliable, even-handed news in order to empower those in the free world to help persecuted Christians, and to encourage persecuted Christians by informing them that they are not alone in their suffering.

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Individual + Team Stats: Hornets vs. Timberwolves

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CHARLOTTE HORNETS MINNESOTA TIMBERWOLVES You can follow us for future coverage by liking us on Facebook & following us on X: Facebook – All Hornets X – …

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