Booking Holdings Inc. - (BKNG) - January 30, 2023
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.
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