Travel booking company Expedia Group (EXPE) has been steadily climbing back up the rankings in the SIA S&P 500 Index Report since December and advancing toward the top of the Green Favored Zone since January. Yesterday, Expedia finished in 28th place, up 6 positions on the day and up 67 spots in the last month.
After staging a year-long rally up off the 2020 market bottom, Expedia Group (EXPE) shares then spent nearly a year stuck in a sideways range consolidating its gains. Since September an upward trend has resumed which accelerated following a successful test of uptrend support last month. In the last few days, Expedia has broken out to new all-time highs, completing a bullish Ascending Triangle and signaling the start of a new advance.
Measured moves from recent trading ranges suggest potential resistance near $230.00 and then $243.00. Support appears at the recent breakout point near $190.00 then the 50-day moving average near $175.00.
A major breakout is underway in Expedia Group (EXPE) shares. Since a correction bottomed out last summer, the shares have been steadily recovering lost ground. This week, the shares have broken out to new highs, completing a bullish Spread Double Top pattern which builds on two previous active Double Top breakouts. Horizontal and vertical counts suggest potential upside resistance near $223.05, $236.70, and $246.30.
With a perfect SMAX score of 10, EXPE is exhibiting strength across the asset classes.
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