As 2024 draws to a close, Nvidia (NVDA) continues to cling to support at its 21-day exponential moving average. At the same time, Meta Platforms (META) looks to ring in the New Year with a return to buy range after drawing a line of support at its 50-day benchmark. After getting an analyst’s upgrade, saying the social media giant has plenty of upside in 2025, Meta stock stands just 2% shy of retaking its prior buy point.
Both Magnificent Seven stocks also maintain their spots on IBD Leaderboard as they look to close out the year on a positive note.
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Top Funds Bet Big On Meta Stock, Pass On Nvidia
Meta Platforms did not join Nvidia and Palantir Technologies (PLTR) on the list of the best 100 stocks of 2024. But Meta stock did join Palantir on December’s list of new buys by the best mutual funds. Once again absent, Nvidia has not made this monthly screen since June.
These top-performing money managers scooped up over $2.4 billion worth of Meta stock in the December report. Palantir saw an infusion of a whopping $15.9 billion.
While Meta currently earns a subpar D+ Accumulation/Distribution Rating and 0.8 up/down volume ratio, the Facebook, WhatsApp and Instagram parent sports eight quarters of rising fund ownership.
By comparison, Nvidia has a D- Accumulation/Distribution Rating, a 0.9 up/down volume ratio and eight quarters of rising fund ownership.
Meta stock sports a 97 Composite Rating, slightly below Nvidia’s 98 rating.
How To Invest In 2025: Draw Lines, Not Conclusions
Meta, Nvidia Showcase Support And Resistance
Heading into 2025, investors can gauge technical health or weakness in a stock by looking for areas of support and resistance.
Meta Platforms has continued to find support at its 50-day line since retaking that benchmark in late November. In a sign of improving technical strength, note how it 21-day line also crossed back above the longer-term 50-day line earlier this month.
The stock’s next test will be at the 602.95 buy point it initially cleared on Dec 3. That entry was from a third-stage flat base.
Nvidia now faces a test at its 50-day line after briefly climbing above its 21-day moving average on Monday. The stock closed the session right at that benchmark. As is the case with Meta stock, Nvidia ‘s latest setup is from a late-stage base. The AI juggernaut has formed a double-bottom base with a 146.54 buy point.
Such late-stage formations entail more risk than first- and second-stage bases.
So as 2024 ends and the new year approaches, watch the action of Meta and Nvidia around their key moving averages. And keep in mind how both are in older bases as the AI giants try to keep their impressive moves from this year going.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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