The last time we looked at Booking Holdings Inc (BKNG) was in the January 30th edition of the Daily Stock Report when the shares had just entered the Favored Zone a few weeks prior in the SIA S&P 100 Index report at a price $2296.45. Today we see the shares have continued to remain in the Favored Zone with a closing price of $2676.05 which now translates to a 16.5% price appreciation since the middle of January. Currently the shares occupy the #3 spot in the S&P 100 Index, up 23 spots in the last quarter. This is another example of always looking for names in the Favored Zone for better risk/reward opportunities. Online Travel site Booking Holdings (BKNG) spent over four years stuck bouncing around between the red and yellow zones of the SIA S&P 100 Index Report before finally finding traction in the Green Favored zone in Mid January. In looking at the Candlestick chart, we see the shares formed a bottom back in October of last year and since then the shares entered a renewed accumulation phase which has continued on up until today with a series of higher highs and higher lows. It is quickly approaching the most recent high of $2677.00. It will be interesting to see in the coming days if a new higher high can be achieved and the trend of higher highs and higher lows persist.
Some support can be found at the $2550.00 area with solid support found at $2400.00 area.
In looking at the 2% Scale on the Point and Figure chart we see the shares have been very strong since January with a mild pullback at its 3 box reversal level back last month.
Support can be found at its new 3 Box Reversal level of $2424.46 with additional support around the $2150 to $2200.00 area. To the upside, we are quickly approaching resistance at $2730.33. If it manages to break above this level, the next area of resistance is at $2955.40. With an SMAX score of 9, BKNG is exhibiting near term strength against all asset classes.
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