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.
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