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Threads Takes on Twitter
Shares in Meta are trading higher today ahead of the open as the stock receives a bullish boost from the launch of new Twitter rival Threads. The new app, which takes its users profile name, pictures and contacts over from Instagram on signup, has reportedly gained around 10 million users in its first seven hours after launching. The microblogging app has been pitched as a rival to Twitter with Mark Zuckerberg looking to capitalise on the decline of Twitter’s popularity on the back of Elon Musk taking over as CEO.
Key Celeb Endorsement
Twitter currently has around 200 million daily users and so, clearly, Threads still has a way to go. However, the app has already almost overtaken another Twitter rival, Mastodon which was launched in 2016 and only has around 13 million users. The app has received early support from some key names including celebrities such as Shakir and Gordon Ramsay but also big corporate names such as Netflix and American Airlines.
No EU Launch Yet
However, in one key drawback for the launch, the app is not yet available in the European Union and as yet, there is no timeline for a release there. However, with an eventual launch in the pipeline, the app will certainly receive a fresh wave of signups when available there, keeping sentiment positive for Meta stock currently.
Technical Views
Meta
The rally in Meta stock has seen price breaking out above the bull channel which has framed the move off 2022 lows. Price is now testing key resistance at the 298.96 level, around the big 300 mark. With momentum studies pushing higher, a break here will turn focus to a test of 352.30 next. To the downside, should we drop, 244.52 and the bull channel lows are the next key area to watch.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.