- Airbnb Stock price fell 13% approx in the After hour despite meeting estimates.
- ABNB Stock price will open gap down near crucial support at $108.00.
- Airbnb Inc (NASDAQ: ABNB) released quarterly earnings on 9 May 2023.
Airbnb Stock Price fell 13% approx in After hour trading session despite meeting the quarterly earning estimate. It is expected that ABNB Stock will open gap down near to the crucial support at $108.00 and buyers will try their best to defend it.
Airbnb Stock seems to be consolidating in a narrow range between $108.00 to $130.00 and likely to break either side soon. The 50 and 200 day EMA is sloping sideways denotes prices lacking direction and more consolidation is possible in coming months.
Airbnb Inc (NASDAQ: ABNB) released quarterly earnings on May 9, 2023. It reported an EPS of $0.18 vs estimates are $0.177 and reported revenue of $1.818 Billion vs estimate is $1.793 Billion. Company succeed to meet the analyst estimates but prices are expected to react negatively.
However, it will be interesting to see that the sell off will be temporary or it will trigger the next phase of downmove. Airbnb stock price closed the previous session at 127.07 with an intraday rise of 1.13%.
The market capitalization at $80.07 Billion. At the mid of February, Airbnb Stock price gained positive momentum and attempted to break the $140.00 hurdle. Sadly the attempt failed and prices witnessed profit booking from the higher levels.
Will Airbnb Stock Price Breakdown $108.00 support?
Airbnb Stock Price begins to decline by forming lower lows and corrected 25% approx from the high. Later, prices consolidated near to the EMAs and showed signs of base formation.
Till ABNB Stock price sustains the $108.00 support the possibility of the rebound remains high. However, if the price dropped below $108.00 then it may raise concern for the long term investors. Moreover, the bears will try to drag it further down to $100.00.
On the other hand, if prices recover and breakout of the $130 then the next phase of rally will begin in the stock. The technical analysis suggests, Airbnb stock price is in bulls grip and short term correction will have high possibility of bounce back.
Will Airbnb Stock price bounce back?
ABNB Stock price performed well in the past few months and generated decent returns for the long term investors. In the previous quarterly earning Airbnb Stock reacted positive but failed to give the follow up momentum.
In current earnings the Gap down open is for sure but the responsive buyers will try the best to bounce back. The technical indicators like MACD had generated positive crossover but the gap down will reverse the MACD in downward direction. The RSI at 63 denotes the strength of bulls but it is likely to test the neutral territory.
Conclusion
Airbnb Stock Price fell 13% in After hours session and expected to open gap down despite positive earnings. ABNB stock will open near to crucial support at $108 and buyers will try their best to push the price upward. The technical analysis suggests NASDAQ: ABNB stock is in bulls grip and downfall might be temporary.
Technical levels
Resistance levels : $130.00 and $144.00
Support levels : $108.00 and $81.00
Disclaimer
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