Daily Stock Report

Booking Holdings Inc. - (BKNG) - February 17, 2022

Online travel agency Booking Holdings (BKNG) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since June of 2018, nearly four years. Yesterday it moved up to 23rd position up 5 spots on the day and up 44 places in the last moth. 

Following its big rally up off of the 2020 market bottom, Booking Holdings (BKNG) spent most of 2021 stuck in a sideways trading range between $2,000 and $2,500 consolidating its gains. A November breakout turned to be false, but underlying support held through the ensuing correction, which occurred on falling volumes. Since December, accumulation has resumed with the shares climbing on increasing volumes. Yesterday, Booking broke out to a new all-time high above $2,700, signaling that the recent pause has ended and a new uptrend has commenced. 

Measured moves from recent trading ranges suggest potential upside resistance near the $3,000 round number, followed by $3,100 and $3,300. Initial support appears near the $2,500 round number. 

A major breakout is underway in Booking Holdings (BKNG) shares. Since successfully retesting support near $2,000 back in December, the shares have been on an upswing with a bullish Double Top breakout extending into a bullish high Pole. Booking has since broken out to a new all-time high, clearing its November peak and completing a bullish Spread Double Top pattern to signal the start of a new advance. 

Based on horizontal and vertical counts, next potential resistance appears near $3,015, just above the $3,000 round number, and then $3,330 on trend. Initial support appears near $2,470 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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