ABNB Builds A Monster Base
Airbnb has totally revolutionized the travel industry, allowing homeowners to generate a new source of income, as well as providing more opportunities for travelers to find unique vacation experiences. ABNB has been on my watchlist for quite some time now. I owned it earlier this year, but was knocked out after buying it. However, the fundamentals are still quite strong, demonstrated by the accelerating sales growth over the past three quarters. I have continued to monitor it on a weekly basis to see if it will once again offer a possible entry point. What I also like about Airbnb is that it has seen some really strong institutional interest over the past year as indicated by the drastic rise in fund ownership.
ABNB has been building a very large base over the course of 2021. These types of bases offer massive potential. I also like the large accumulation that is evident in Airbnb's chart. While the daily chart often has a lot of noise, the weekly chart shows that ABNB is setting up well in a cup and handle style base. I will continue to keep ABNB on my watchlist for an entry point.
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