ABNB Descending Triangle
ABNBABNB Descending Triangle Bilateral pattern. Looking for a break of the downtrend daily channel its been for the last 5 weeks. possibly a reopening name & can possibly see a run up before earnings later in May. The monthly May options 190c or 195c is how i will trade this set up. One risk to be aware of is this name is sensitive to rates increasing causing growth stocks to show some relative weakness as we've seen in early march.
Today i went long the monthly may 195c & hedge the position by shorting the 190c expecting a lot of choppiness & premium decay due to EOM rebalancing tomorrow.
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