Airbnb hit bottom at $112 and reemerged to build bullish momentum

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By:

Motiur Rahman

on
Jun 9, 2022

Airbnb hit and emerged from a bottom price of $112

The stock is fundamentally strong and is gathering bullish momentum

We recommend Airbnb at the current lows before the market catches on to the trend

Airbnb Inc. (NASDAQ:ABNB) has been in the news a lot lately. That is mainly because of an announcement about closing domestic business in China. The company is also being sued in Australia because of pricing information and data. The news seems not to bother the market. In fact, the stock has been building momentum.

Airbnb is currently trading at $122. It has gained gradually from the $112 bottom recorded over three weeks ago. Gains come as the company expects growth in EPS. This year, the company is expected to record at least $1.29 in EPS. That would be an increase from the loss of $0.57 last year.


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Airbnb has been bullish for three weeks after hitting a bottom

Source – TradingView

Our analysis shows that Airbnb struck the bottom at $112. From there, the stock has gained gradually by opening higher each new week. The closing prices each week are slightly lower than the opening. However, the prices are consistently higher in general. The stock has indeed been on a bullish trend for three weeks.

The RSI for the company is 38.58. It is, therefore, closer to the oversold region. The MACD at -11.76 is below the signal at -7.55. However, the divergence of -4.21 has the early signs of a bullish trend. We consider the stock to be building bullish momentum.

Summary

We recommend buying Airbnb. The growth stock has strong fundamentals, and the price is silently bullish. The current price of $122 indicates that the stock hit and emerged from the bottom of $112.

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