Technical Update - Airbnb in a rising trend. Will earnings release reverse that?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Airbnb is trading lower in pre-market on back of disappointing earnings announcement. Pre-market price is indicated on the chart with a horizontal line and is around the lower rising trendline. If Airbnb closes above its lower rising trendline (in the Wedge) the uptrend is intact and set for higher levels. RSI above 60 supports this scenario to unfold
If Airbnb closes below the lower rising trendline it has broken bearish out of its rising wedge like pattern and is likely to test key support at 101.10.
Support at 101.10 is key. A close below this support Airbnb has reversed its current uptrend and is likely to drop to around 90-87 possibly testing its low at 86.17 which is its lowest levels since the company was listed on the Exchange.
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