- NASDAQ: ABNB stock price slipped below the 200 day EMA and formed a giant bearish candle
- ABNB stock down 8.28% on the weekly basis
- Airbnb Inc Q4 earnings estimates at $0.25 and revenue estimates at $1.86B
Airbnb Inc (NASDAQ: ABNB) stock price is trading with mild bearish cues and bear’s are trying to keep the price below the 200 day EMA to show its dominance on the higher levels. However, the Q4 earnings are scheduled next week which might affect the short term direction of the stock. In the previous session NASDAQ: ABNB stock price closed at $108.87 with the intraday loss of 5.28%
Is the Airbnb stock on the radar of bear’s?
Airbnb Inc (NASDAQ: ABNB) stock price is reversing down from the supply zone and forming a bearish reversal pattern which has created a concern for the investors who are expecting the company to meet the Q4 estimates. Recently,In the beginning of January, ABNB stock price took an upside reversal from the 52 week low and succeeded to reclaim above the 50 day EMA which has derived the positive sentiment and prices shot up 26% approx in the short span of time.
ABNB stock prices had attempted to break out of the 200 day EMA(green) to reverse the positional trend in the favor of bulls but unfortunately prices lacked the follow up movement and faced strong resistance at $120.00 level. Later after a little bit of consolidation near the supply zone bear’s came forward and dragged the prices down below the 200 day EMA again. On the other hand, prices are approaching the support zone and it will be very risky to create fresh positions near to $100.00 level.
The technical indicators of the ABNB stock like MACD is on a way to generate a negative crossover,The RSI at (52) reversed down from the overbought zone denoting neutral level and balance between bullish and bearish sentiment. However, the price action is still favoring the direction of bulls and buyers are expecting the price to bounce from the support zone at $100.00 to $105.00 level. On the other hand, ABNB Q4 is scheduled next week and if the company fails to meet the estimates then the probability of breakdown of the support level will increase in the favor of bear’s.
Summary
Airbnb Inc (NASDAQ: ABNB) stock price had shown a shocking downmove in the past few days and showing signs of bearish reversal but the prices are near to the support level and expected to bounce back again. However, traders must be very careful because prices might react violently after the release of Q4 and may give sharp one sided movement in any direction.
Technical levels
Resistance levels : $120.00 and $128.00
Support levels : $105.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/12/abnb-stock-will-abnb-beat-q4-estimates-or-get-crushed-by-bears/