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Will AIRBNB INC-CLASS A Break Out? A Technical Analysis Perspective.

By Mill Chart

Last update: Apr 19, 2024

AIRBNB INC-CLASS A (NASDAQ:ABNB) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:ABNB.

ABNB Daily chart on 2024-04-19

Technical analysis of NASDAQ:ABNB

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall ABNB gets a technical rating of 7 out of 10. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • When comparing the yearly performance of all stocks, we notice that ABNB is one of the better performing stocks in the market, outperforming 89% of all stocks.
  • ABNB is one of the better performing stocks in the Hotels, Restaurants & Leisure industry, it outperforms 84% of 135 stocks in the same industry.
  • ABNB is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so ABNB is performing more or less in line with the market.
  • In the last month ABNB has a been trading in the 154.41 - 170.10 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of ABNB

How do we evaluate the setup for NASDAQ:ABNB?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:ABNB exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, ABNB also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 166.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 160.05, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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AIRBNB INC-CLASS A

NASDAQ:ABNB (5/24/2024, 7:12:04 PM)

After market: 144.8 +0.33 (+0.23%)

144.47

+3.43 (+2.43%)

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