Ichimoku Watch: Airbnb (ABNB) Testing Support Upcoming Earnings Release:
Airbnb, Inc. (ticker ABNB) is scheduled to report earnings today after the market closes. The consensus EPS estimate for the fiscal quarter ending March 2024 is $0.23, while the reported EPS for the same quarter a year prior was $0.18.
Buyers Preparing to Show?
Airbnb is quite an interesting stock to monitor at the moment.
Most traders can clearly see that the trend in this market is higher in the long term and that the stock has been consolidating between $155.09 and $165.54 since 11 April, with volume steadily declining as the range progresses.
It is also clear that the stock is testing the Ichimoku Cloud (difference between Leading Span A and Leading Span B) to perhaps form support (although the Leading Span A has drastically closed in on the Leading Span B and may cross lower, the fact is that the Cloud may still offer support). If you couple this with the range support edge nearby at $155.09, this could be where buyers come into the market.
Price Direction?
The range support at $155.09 and the Kumo Cloud could be enough to buttress buying in this market. To find confirmation before entering a long trade, some traders may wait and see if a conversion-base line crossover forms. You can see that the conversion line (blue) has just crossed under the baseline (red); a crossover back above the conversion line will be recognised as a bullish signal and is a common way of entering into an established uptrend.