Airbnb buoyed by current support - Analysis - 02-11-2022

Airbnb's stock (ABNB) rose slightly in the intraday levels after achieving record third quarter earnings on strong demand, even as the company expected a drop in reservations in the last quarter of the year, with the stock sliding 6.8% in post-close trading, however it closed the session up 2%, or 2.14 points, settling at 109.05, with trading volumes approaching 16 million shares, above 10-day averages of 6.2 million shares. 

Technically, the stock gained ground after the current support of 109.00 held on, lending it positive momentum, amid the dominance of the main downward trend in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI.

Therefore we expect the stock to return lower, targeting the pivotal support of 87.45, provided the support of 109.00 was reliably breached.

Expected trend for today: Bearish