ABNB: Inverse head and shoulders on close watch
Updated
ABNB
What a beautiful and clean inverse head and shoulders on ABNB.
Technically we just broke the neckline (dotted line), if we close above it today, the pattern will be confirmed with a target between $153 and $161.
This one is a bit tricky though as there are some resistances ahead:
-The horizontal resistance at 130
-The down trend line connecting all the previous highs since November.
A positive note is that the stock has not followed the overall market the last few days. Could ABNB be benefiting from rent inflation? Possibly.
I will long the stock above $130. First target will be $147.
Keep it on your watch list.
Trade safe.
What a beautiful and clean inverse head and shoulders on ABNB.
Technically we just broke the neckline (dotted line), if we close above it today, the pattern will be confirmed with a target between $153 and $161.
This one is a bit tricky though as there are some resistances ahead:
-The horizontal resistance at 130
-The down trend line connecting all the previous highs since November.
A positive note is that the stock has not followed the overall market the last few days. Could ABNB be benefiting from rent inflation? Possibly.
I will long the stock above $130. First target will be $147.
Keep it on your watch list.
Trade safe.
Note
Pattern not broken yet...but neither confirmed. Patience...
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