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Airbnb, Inc. (ABNB) Just Overtook the 50-Day Moving Average
Airbnb, Inc. (ABNB - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ABNB broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
ABNB has rallied 5.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests ABNB could be on the verge of another move higher.
The bullish case only gets stronger once investors take into account ABNB's positive earnings estimate revisions. There have been 8 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ABNB for more gains in the near future.