ABNB: RECOVERY PLAY, ICHIMOKU ANALYSISABNB :
Another reopening play, people looking to travel again.
Ichimoku analysis on daily:
The price is currently blocked by the cloud. Pressure is building to reintegrate the cloud.
The lagging span (green line) has broken the Tenkan (blue line) and is heading for a test of the Kinjun (dark red line), the flat zone of the Kinjun is our 1st target/resistance at 156 (providing the price can reintegrate the cloud).
This is what I'm playing now with a long trade.
The next step will be for the price to reach the top of the clouds (and maybe break out of it) and the lagging span to break the Kinjun, confirming the change of trend.
Note how Ichimoku is precise, all flat zones (of clouds and Laggin span) represent former supports and resistances (the 4 targets on the chart).
On a separate note you can see a sort of ascending triangle on the daily chart.
Trade safe!
More on Ichimoku (by Investopedia):
The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. It does this by taking multiple averages and plotting them on a chart. It also uses these figures to compute a “cloud” that attempts to forecast where the price may find support or resistance in the future.
Key takeaways:
The Ichimoku Cloud is composed of five lines or calculations, two of which comprise a cloud where the difference between the two lines is shaded in.
The lines include a nine-period average, a 26-period average, an average of those two averages, a 52-period average, and a lagging closing price line.
The cloud is a key part of the indicator. When the price is below the cloud, the trend is down. When the price is above the cloud, the trend is up.
The above trend signals are strengthened if the cloud is moving in the same direction as the price. For example, during an uptrend, the top of the cloud is moving up, or during a downtrend, the bottom of the cloud is moving down.
