Booking Holdings Inc - (BKNG) - April 18, 2023
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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