Short-Term Bearish Outlook for Airbnb Ahead of Earnings Release

ABNB Airbnb (ABNB) experienced an upswing for the majority of the trading day on May 8th. However, towards the end of the day, it started to break from its intraday highs, indicating potential for a short-term bearish outlook. This trading idea aims to capitalize on this expected downtrend, but traders should be cautious as Airbnb is scheduled to release its earnings report after the closing bell on May 9th.

On May 8th, Airbnb's stock triggered a sell signal on the 15:00 candle, with an entry point of $126.28 and a stop loss at $129.31. Based on this setup, I have identified the following take profit levels:

1. Take Profit 1: $124.05
2. Take Profit 2: $122.74
3. Take Profit 3: $121.42
4. Take Profit 4: $118.79 (for more aggressive traders)

Expectations for May 9th:
We anticipate that the downtrend may continue into the May 9th trading session, but traders should be cautious due to Airbnb's upcoming earnings release. These results could potentially impact the stock's price in either direction, so it is essential to monitor the situation closely and adjust trading strategies accordingly.

In summary, this trading idea suggests a short-term bearish outlook for Airbnb (ABNB) based on the technical analysis from May 8th. Traders should be cautious and prepared to adjust their strategies in response to the company's earnings release on May 9th, which could lead to increased volatility in the stock's price. As always, it is crucial to manage risk and employ proper trading discipline when executing any trading idea.