Asset Watch
Tuesday, February 20, 2024
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?