ABNB stock price is in a correction phase and fell 13.79% last month. It declined by forming lower low swings and eroded the majority portion of the gains generated in 2023.
Airbnb stock price displayed a double to a bearish pattern on a daily time frame chart. It indicates that sellers look more aggressive as compared to buyers.
ABNB stock price also dropped below the 50-day and 200-day EMA showcasing a downtrend. Moreover, the sellers are trying to keep the price below both the EMAs to demotivate the investors.
Airbnb Inc. released its quarterly earnings on November 1, 2023, after the market closed. It reported an EPS of $6.63 but the estimate was $2.115, which is 213.53% higher than estimates.
The reported revenue was $3.397 Billion vs $3.371 Billion estimates. The company also beat the revenue estimates by 0.77%.
Despite this, ABNB stock price in the after-hours session indicated a mild gap open of 2.82%. However, it will be interesting to see how the price will react in the regular session and if the buyers will come forward to give the bounce or if sellers will continue the dominance.
Will ABNB Stock Price Show Bounce Back?
ABNB stock price broke the neckline support of the double top pattern. Now, $125.00 turned out to be a resistance level for the bulls.
If the Airbnb stock price shows a minor bounce in the coming weeks, then $125.00 will act as a hurdle. Moreover, the reliability of the upmove will also remain doubtful.
On the lower side, $113.00 is acting as a support level and buyers are trying their best to defend it. However, if the situation gets worse and the price drops below $13.00, then bears will try to pull the price down to $103.27.
Airbnb Stock Price Fell for Seven Straight Weeks
Airbnb stock price fell for seven straight weeks. Meanwhile, in between the downfall, buyers tried to give a short-term pullback. However, the sellers were active and took the pullback as an opportunity to create fresh shorts.
The RSI curve at 42 reversing upward from the oversold territory indicates mild bullishness.
The MACD curve might generate a positive crossover and the histogram bar turning green indicates bullishness. The supertrend says that till the price trades below $128.32, the trend will remain down.
Conclusion
ABNB stock price is in a downtrend and fell 13.79% in October 2023. Recently, Airbnb Inc. released quarterly earnings which were far better than expected. Even after that, the stock price is down by about 1.33% in the after-hours session.
The analysis suggests that the Airbnb stock price is in the bears’ grip and short-term bounceback will be sold off.
Technical Levels
- Resistance levels: $130.00 and $141.35
- Support levels: $112.96 and $103.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/02/abnb-stock-airbnb-inc-beat-eps-by-213-surprising-earnings/