By Jared Blikre

Meta (META) is the top Magnificent 7 stock off the recent market low. It was also the worst Mag Seven stock Monday — at the same time.

Since the March 30 general market low, META is up 25%, best in the group. But Monday, it closed down more than 2%, leading the Magnificent Seven to the downside. The stock was coming off an 11-day win streak that carried it right back into its most important overhead zone — a price area where prior rallies have stalled — just as investors look ahead to earnings on April 29.

META chart since September 2024, with 200-day moving average

That zone is $690 to $700. The flattening 200-day moving average sits there, as does an area of prior price action support. And $690 marks the 61.8% Fibonacci retracement from the August all-time high to the March low — a widely watched level traders use to predict potential reversal levels. Above it, the bears lose their last major technical line of defense.

It's not surprising META has stalled here. A vertical rally rarely powers through the biggest level on the chart on the first try. The same pattern showed up recently in Tesla (TSLA), another Mag Seven name pressing into its own 200-day ahead of earnings.

The question now is what kind of pause this is. The most bullish outcome would be a consolidation near the highs, gathering strength for a breakout. The bearish case sends the stock back to test support just under $600. Some version of chop in between is probably the base case.

META either clears the wall or it doesn't. April 29 may decide.

Levels to watch: To the upside, $690 to $700 is the immediate barrier. A clean break opens the door to $738 to $745, the next lower-high price shelf — and eventually the August all-time high zone at $786 to $796. To the downside, bulls would want $585 to $592 to hold — prior resistance turned support that contained the November sell-off. Below that, the April V-bottom floor at $520 to $527 becomes the line in the sand.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.