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Airbnb Inc. - (ABNB) - February 16, 2023

After rallying 13.3% yesterday on the back of a positive earnings report, AirBNB (ABNB) has returned to the Green Favored Zone of the SIA NASDAQ 100 Index Report. The shares spent most of the last year stuck in the red zone, but they have soared up 70 positions in the last month, including a gain of 19 spots yesterday to move ABNB into 26th place. AirBNB (ABNB) staged a major breakout yesterday, blasting through $125.00 resistance with a breakaway gap on a big spike in volume to signal renewed investor interest and the start of a new uptrend. Prior to this, the shares had been trending mostly sideways for nine months. Accumulation started back in December and over the last two months, ABNB had already snapped a long-term downtrend line and regained both its 50 and 200-day moving averages.

A measured move from the previous trading range suggests potential resistance in the $165.00 to $170.00 area, followed by previous highs near $180.00. Initial support appears at the $125.00 breakout point.

AirBNB (ABNB) has staged a dramatic turnaround in recent weeks. A long-term downtrend bottomed out in January and since then the shares have been under accumulation. An initial breakout rally was followed by a small correction, and then a second bullish Double Top breakout, which completed a Bullish Catapult formation. The current advance has since extended into a bullish High Pole with the shares completing a Spread Triple Top pattern and snapping a downtrend line.

Upside resistance may appear on trend near $156.55, where a horizontal count and a column low converge, then near $172.95, where a vertical count and a column high converge. Initial support appears near $125.95 based on a 3-box reversal.

With a bullish SMAX score of 8, ABNB is exhibiting strength against the asset classes.

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