Marriott International - (MAR) - April 19, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Hotelier Marriott International (MAR) continues to steadily march up the rankings within the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, it finished in 74th place, up 11 spots on the day and up 36 positions in the last month.

Since September, Marriott International (MAR) shares have been under accumulation, steadily advancing in a Rising Channel of higher highs and higher lows. Earlier this month, MAR successfully retested channel support and in the last few days it has rocketed upward on higher volumes, a sign of increased demand from investors. Yesterday, the shares closed at a new all-time high, signaling the start of a new upswing.

Based on measured moves from recent trading ranges, next potential upside resistance may appear near the $200 round number then the $215-$225 zone around $220. Initial support appears near $175 followed by the 50-day moving average just below $170.

 

For over a year, Marriott International (MAR) shares have been steadily climbing. Back in March, MAR successfully retested it’s 45-degree uptrend support line and has been climbing from there, recently completing a bullish Double Top pattern. Currently the shares are retesting their previous peak.

A breakout over $185.60 would complete a bullish spread double top pattern and signal the start of a new upleg within a two-year uptrend. Should that occur, initial resistance could appear in the $200.00-$201.00 area where a round number and a horizontal count converge, followed by the $209.00 to $217.50 zone where several vertical counts cluster. Initial support appears near $168.10 based on a 3-box reversal and a retest of a recent breakout point.

With a bullish SMAX score of 8, MAR is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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