Technical analysis
Price | $ 168.61 | 52 weeks range | $ 129.71 - $ 219.94 |
Beta | 1.17 | Volume/ average | 5.3m/ 6.0m |
Sector | Beni di consumo | Dividend | N/A |
Airbnb, Inc. is an American company that operates an online marketplace for housing, primarily homestays for vacation rentals and tourism businesses.
Airbnb has been regularly swinging in a horizontal channel between $ 140 and $ 210.00 since its listing in December 2020 and we believe the stock is now offering an attractive entry point.
Price
The horizontal channel $ 140-210 is well defined and it is possible to understand how the intermediate $ 170.00 range represents an accumulation area. Despite wide lateralization, ABNB reported rising lows from June 2021, confirming a medium-term uptrend.
If we go into the details of the last two months, we can see a possible "double bottom" formation at $ 150.00: this formation suggests a consolidation before bullish upside.
Indicators
MACD and RSI indicators are both describing a positive situation: MACD, despite being below the 0 (bearish) line, has been gradually improving since December 2021.
RSI, rising and near resistance at 50.
At the moment, the consolidation price combined with a positive divergence with the indicators, which instead have been increasing, supports the thesis of an upside in the short to medium term.
Moving averages
As the stock is recently listed, we believe that the main moving averages to take into account are 50 and 9MA.
As described by the MACD, the momentum is still to the downside and as a result, we have the 9MA below 50MA. A closing price above the 9MA and a gradual consolidation between $ 170-180.00 could anticipate bullish swings.
Conclusions
At the current price, we believe that the MACD - RSI indicators, coupled with a rising price, are describing a possible trend change that will result in a test of the top of the horizontal channel.
The positive divergence between indicators and price, on a stock that is in a horizontal channel, leads us to define the risk/return in favour of long positions.
Entry range $ 160 - 170.00
Target 1 $ 207.00
Target 2 $ 230.00
Stop loss $ 137.00
Graph
OTB Global Investments
12 January 2022
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