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Trends & Analysis
News

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News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

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US big banks report better-than-expected earnings

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Crude oil declines on profit taking

Asset Watch

Is Airbnb the right home for your capital?

Tuesday, February 20, 2024

Airbnb delivered a solid quarter on Feb. 13, with Q4 revenue up 17% year-over-year, active listings up 18%, and Nights and Experiences Booked up 12%. The company also noted that “growth is accelerating in under-penetrated markets” alongside “greater momentum for Airbnb across a variety of regions.”
Following the release, Morningstar analyst Dan Wasiolek wrote, “We think that Airbnb’s global online-travel-agency position will strengthen over the next decade, driven by the leading alternative accommodation network… supported by generative artificial intelligence investment and expansion into the experiences vertical over the next several years.”
While Wasiolek believes Airbnb’s stock is overvalued, he is bullish on the company’s long-term prospects.
But what about the short term?

Well, the stock’s 100-day moving average (the dark blue line) has been a key medium-term support level, with bounces realised in April and August 2023 and January 2024.

 

Furthermore, the 20-day MA is a solid momentum indicator. When the light blue line rose above the dark blue line from below in February and June 2023, Airbnb recorded sharp rallies, and the 20-day MA held as support during pullbacks. A similar event occurred in December 2023, but the momentum was short-lived.

 

Yet, with the 20-day MA now support (near $148), the bulls remain in control if the stock trades above it. If not, a pullback to the 100-day MA (near $134) could be a solid entry point.

 

So, will Airbnb provide the bulls with a happy home, or does the stock retest its 100-day MA?


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