Book This Breakout (ABNB)

by | Dec 14, 2023

The Bulls got what they wanted yesterday. 

The Fed has suddenly turned dovish.

Instead of its “higher for longer” mantra, now the Fed is saying “lower much sooner.”

The Fed indicated there will be no more rate hikes this year and that we might actually see three rate decreases next year.

Not surprisingly, the market took off yesterday.

And a lot of stocks are now surging to a possible breakout point.

Airbnb (ABNB) is definitely one of those.

Here’s the chart:

ABNB has been sprinting upward in the past several weeks, and it’s also in one of the top 20 hottest sectors in the world right now. 

A break above $151.16 could book a run up to the $220 level.

We’ll keep it on our radar.

Happy trading,

— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.

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