Online travel site Booking Holdings (BKNG) spent over four years stuck bouncing around between the red and yellow zones in the SIA S&P 100 Index Report. The shares started to move back up the rankings in the second half of last year, but it has been since the start of 2023 that its move up the rankings has really accelerated. Earlier this month, BKNG meaningfully returned to the Green Favored Zone for the first time since August of 2018. On Friday, Booking finished in 12th position, up 3 spots on the day and up 56 places in the last month. Booking Holdings (BKNG) has staged a strong recovery since bottoming out near $1,600 back in October. In November, a breakaway gap, snapping of a downtrend line and completion of a bullish Falling Wedge pattern signaled the start of a new uptrend. Through the end of the year, the shares consolidated in a higher $1,900 to 2,150 range.
In recent weeks, the shares have launched up off of their 200-day moving average and have mowed down several previous resistance levels including $2,150, $2,200 and $2,400 the last of which has reversed polarity to become initial support. Potential upside resistance tests appear on trend near $2,650, based on a cluster of measured moves, the previous peak near $2,715, or the $3,000 round number.
A downtrend in Booking Holdings (BKNG) was finally contained by prior support near $1,630 back in October. Since then, the shares have been under renewed accumulation. Over the last three months, BKNG has broken out of a downtrend, completed several bullish patterns including Double Tops, a Spread Double Top, a Spread Triple Top, and a Bullish Catapult, with the current rally extending into a bullish High Pole. A combination of horizontal counts and previous column highs suggest initial upside resistance may appear in the $2,625 to $2,730 area, followed by $2,840. Initial support appears near $2,240 based on a 3-box reversal.
With a perfect SMAX score of 10, BKNG is exhibiting strength across 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.
