 Welcome traders to another Tickmill earning season preview with me Patrick Munnally before we jump into today's report. As always want to adhere to the risk disclaimer and most pertinent to today's presentation is the fact that the views and opinions expressed by me are solely mine. They are not indicative or representative of those held by Tickmill UK or Tickmill Europe limited. Okay, let's jump into today's report. We are looking at meta the Facebook, they are set to announce earnings after the close of trade in New York today. We're looking for an EPS of 2.259 on estimated revenues of 31.551 billion. Meta platforms, the parent obviously off Facebook is expected to report a 43% drop in its fourth quarter net income compared with same quarter the previous shrinking advertising revenue and higher costs will likely weigh down the tech companies earnings this evening. Meta's earnings per share projected to fall 40% compared with the fourth quarter of 2021. Total revenue for the quarter will likely decline 6% versus the same period into 2021 the revenue number is in line with what Meta itself expected the company struggles were outlined in the management commentary, accompanying its third quarters earnings in October. At that time Meta said it would be looking at ways to shrink headcount and consolidate infrastructure to cut back on costs. Facebook's user growth is slowing down under pressure from the other social media platforms such as ticked up while the pandemic fuel growth and investments into Facebook anticipated post pandemic growth is didn't quite materialize. This led to Meta laying off 11,000 workers or nearly 13% of its workforce just a few weeks after its third quarter earnings announcement. Additionally, recent interest rates hikes are making borrowing more expensive. Meta have had to cut costs wherever possible to help offset increased spending to build capacity during the last couple of years. All those factors have done a number on Meta's share price, which fell more than 60% during 2022. Meta's interest in the S&P communication services sector declined by 40%. Meta's key metrics really are still monthly active people for the Facebook product family is seen rising somewhat to 3.7 billion from 3.6 billion in the year earlier quarter and above the year 2020 fourth quarter in early months of the pandemic which helped increase social media use. This metric is used to count the number of unique users who visited a site within the past month. Meta wasn't alone when it laid off 11,000 employees last November to rein in their costs. Other tech companies such as Alphabet, Amazon and Apple are also facing headwinds to expansion and they all report this week. These statistical trading patterns that we see around Meta earnings releases shares to move lower in the immediate aftermath of earnings, 8 out of 12 previous reports on average stock has moved down 3.4% in the first day of trading after the company reports earnings. Based on the previous 12 earnings releasing, Meta is more likely to trade lower one day after earnings from average loss of 1.2%. On average stock has moved higher though 1.5% one week after earnings. From an analyst perspective, analysts covering the stock 58 in total in the last three months still have Meta at a buy. So there is still conviction amongst the analyst community, although we're not seeing that same belief in the strong buy category. In terms of earnings, quantifying into stock movement for the 12 months ahead. On the other side, we're looking at a 220 target on the downside 80, an average of 147. Moving through the options market looking at flow and sentiment. Options are pricing a 9.9% move on earnings, average 9.8% move in recent quarters. The options market has overestimated move 4.2% of the time in the last 12 quarters, notable buying of 13,423 contracts of the 165 call expiring on Friday. Options order flow in general has been bullish. Investor sentiment going into the company's earnings though only has 37% expecting an earnings beat. Let's pull up the Meta chart and see if we can identify any near term trading opportunities. As we look at the technical setup here. Very in mind. I've got that interest in that 165 call. Heading into the earnings. That's an X call expiring on Friday. Technical setup looks positive. We have broken out of the descending trend channel and have developed now in an upward channel recovering from those 2022 lows, which saw us trading down at the $188 level. So from a technical perspective what I'm looking at is as we hold support into the 144 handle. I'm looking for a move through prior cycle highs 153 initially looking for a test up into that 165 area, which is where we see that call coming into play. If we can see a move through there and take out resistance at the 172 handle, then I'm looking for a test of the yearly pivot up to $183. At this stage, any loss of this internal trend channel support would see us back down testing the major trend channel support now at 133. Again, I'd watch a bullish reversal patterns there to engage on the long side, looking for those upside objectives. Any daily close through that trend channel support be bearish development, opening a move down to test the high volume load at 116. As always traders plan the trade, trade the plan and most importantly, manage your risk until next time. Thanks very much.