ABNB in a channel
Updated
This is Another request from a follower. ABNB wide swings after IPO created a clear ascending channel . I used the 4hr timeframe for this one because there is very little historical data to plot on the a daily chart . As you can see, the price fell about 10% in the last trading session. It found support on the 9-ema (where it is sitting now) and the 14-ema (check the lower shadow). MACD is curling down sharply as well as the Stoch . Below the 14-ema there is support around $161, which is in confluence with the 21-ema at the time of this writing. I am inclined to think the price will fall at least to that level. Depending on how it reacts there, it could revisit the channel support. I would only get into this one if the price moves to the bottom of the channel but if you are in it for the long term you could start scaling in from the $161 level (not financial advise, just a possible strategy to ponder about).
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***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Safe trades!
Share the love:
If you get anything out of this TA, please like the chart so it moves up and others can benefit from my work. A simple click on the like button goes a long ways.
Follow for more:
I have an outstanding winning rate (check my other charts). If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Note
Getting close to our first target:
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