More trouble could be ahead for shares of Meta Platforms based on one closely watched technical indicator. The Facebook and Instagram parent broke below its 50-day moving average this month for the first time since December. The move, which measures the average, rolling price over the past 50 days , marks a reversal from a strong uptrend for Meta — and other major technology stocks — over the past eight months. Meta shares have outperformed this year as CEO Mark Zuckerberg said it would focus on efficiency and artificial intelligence, sending the stock up more than 145%. Shares continue to hover below the 50-day moving average, which is now $297.98. Moving averages are closely watched by market technicians to decipher an asset’s momentum. A move above the moving average typically signals a security is in an uptrend, while a break below it suggests the opposite. “Breaking the 50 DMA is an indication that the intermediate-term uptrend is under pressure, but the absence of a ‘top pattern’ suggests that a pullback or consolidation phase is underway,” said John Kolovos of Macro Risk Advisors. The next support level for Meta sits at $252.50, which should hold if the weakness is a run-of-the-mill pullback. Failure to hold there could result in a move back to $215, which would send Meta near its 200-day moving average, currently at roughly $211. Carter Worth is watching the $265 to $270 level, where the 150-day moving average comes into play. It would mark a 25% retracement from Meta’s recent low to its recent high. “Right here, I’m a seller and I’d be short, would cover those at $265 and then watch and wait,” said Worth, the founder and CEO of Worth Charting. Along with falling below its 50-day moving average, Frank Cappelleri notes that Meta has also completed what’s known as a double top formation. A double top is a bearish chart pattern that forms when an asset fails to break above a particular level on two occasions. The decline between the two peaks is typically moderate, but a pullback after the second top can be steep. Because of the strength and persistence of Meta’s advance so far this year, Cappelleri, the founder and president of CappThesis, notes that there aren’t many “clear” support zones. However, if Meta fails to reclaim the area near its moving average, it would create a downside target of $250, which would represent a 13% pullback from Tuesday’s close.