Chart of the Week: Airbnb
Hey everybody. Happy Wednesday. It’s time for our chart of the week, and this week we’re gonna focus in on travel name, well, sort of pseudo-travel name, Airbnb. ABNB is the symbol of this one. Let’s take a look at this chart.
They have earnings coming out on Thursday, August 6 after the close. Chart is starting to look a little better than it had been in the past before earnings.
So take a look at this nice move here since early in the year, back in January. Higher highs, higher lows. You can see the channel’s in place. Actually, this lower end of the channel goes back to about December. And we can see that it’s a pretty wide channel over here, but it’s bullish.
We’ve had good, pretty positive MACD. Big movements on the MACD as well.
Relative strength has been pretty stable, mostly spending the time above 50 on the relative strength.
It’s not near an all-time high, but still, we see the stock has been spending a lot more time in the top end of the channel here, which is generally bullish here.
We can draw a middle line over here – I’m just kind of eye-balling it – this is it right here. And you can see how the stock has been spending much more generous time above this middle line here. So that generally means that every single time it goes up and pulls back to this middle line of support, it has been pretty bullish. And people have been coming in and buying this stock.
I think this recent breakout here above $140, tested it about three times over the past couple of months, has been constructive here.
And I think that once the earnings come out later on this week, I think we’re gonna see this stock move up towards $175-180 over the next couple of months.
So take a look at Airbnb. Thanks so much for watching everyone, and I’ll see you guys next time.
