
The G20 summit took place in Bali, Indonesia, on November 2022…
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Facebook has changed its name to Meta in pursuit to erase old rumors and build a new brand, free from scrutiny and personal data leakages. What will change for investors and traders as the company completes the transformation?
First, the name change, which was announced at the Facebook augmented and virtual reality conference, reflects the company’s growing ambitions beyond social media. Mark Zuckerberg said he wants to create a new Universe, but not far above the sky, but deep in the worldwide web.
Metaverse is partly a dream for the future of the Internet that consists of 3-D worlds, avatars of real people, and their online profiles. It is expected to become the second layer of our everyday life that may give us the experience we’ve never had before.
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said. The change will affect the policy of Meta’s companies: Instagram, Facebook (the name of which will remain unchanged), Facebook Messager, and WhatsApp.
The re-branding also comes after the company has dealt with a barrage of news reports over the past month. Facebook and personally Mark Zuckerberg were accused of personal data leakage, problems with privacy, and manipulative advertisement.
The company said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse. Facebook will be traded under the ticker “MVRS” from December 1. The company is now developing new VR and AR headsets, internet services and, probably, working hard to outshine the reputation that Facebook had before this transformation.
As for the chart, Facebook looks steady, with an inverse head and shoulders bullish pattern almost completed. If the price manages to hold $320 level and the broad market doesn’t start the correction, the uptrend may continue.
Facebook daily chart
Resistance: $350; $385; $420: $460
Support: $320; $305
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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