Daily Chart analysis
ABNB has been moving side-ways in a price channel since it went public back in Dec. ’20.
There are currently 3 major areas price has been respecting: 131, 170, 211.
After initially topping at around 211 area, price made a series of lower highs into 170 area before breaking down and finding support at the 131 area.
From there, price worked its way back to the 170 area where the 50ema held price up and catapult it back to the previous highs of 210.
Price rejected 210 level and was shot back down below 170 support area.
Price fell below 170 area but did not fall back down to 131 area. Buyers held the price up around 170 area and have now formed double bottom pattern. The buyer pressure here has prevented price from fallen below 152.
I will be entering this trade looking to take a swing from 170 to 210.
Entry: 170
Stop loss: 147.25
Target: 210
ABNB has been moving side-ways in a price channel since it went public back in Dec. ’20.
There are currently 3 major areas price has been respecting: 131, 170, 211.
After initially topping at around 211 area, price made a series of lower highs into 170 area before breaking down and finding support at the 131 area.
From there, price worked its way back to the 170 area where the 50ema held price up and catapult it back to the previous highs of 210.
Price rejected 210 level and was shot back down below 170 support area.
Price fell below 170 area but did not fall back down to 131 area. Buyers held the price up around 170 area and have now formed double bottom pattern. The buyer pressure here has prevented price from fallen below 152.
I will be entering this trade looking to take a swing from 170 to 210.
Entry: 170
Stop loss: 147.25
Target: 210
Trade closed: stop reached:
stopped: 147.25