Boosted by a better-than-expected earnings report, hotelier Marriott International (MAR) continues to steadily climb up the rankings within the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, the shares moved up another 10 positions to 55th place and are up 68 spots in the last month.
For over 18 months, Marriott International (MAR) has been under accumulation, climbing a step pattern of rallies followed by pauses at higher levels and establishing an uptrend of consistently higher lows. Yesterday, the shares staged a major breakout, gapping up and soaring to a new high on strong volume, a sign of renewed investor interest kicking off a new advance.
Measured moves from recent trading ranges suggest potential upside resistance tests may appear near $190.00, the $200.00 round number, and $220.00. Initial support appears at the $170.00 breakout point up from the 50-day moving average near $160.00.
Marriott International (MAR) has been consistently climbing since the March 2020 market bottom. Following a bullish Spread Triple Top breakout last fall, the shares consolidated in a symmetrical triangle pattern of higher lows and lower highs. This month, the shares have broken out of the triangle, broken out to new all-time highs and completed bullish Double Top and Spread Double Top breakouts, all combining to signal the start of a new upleg.
Initial upside resistance may appear near the $200.00 round number, followed by $200.90, $209.00 and $217.45, all based on horizontal and vertical counts. Initial support appears near $164.80 where a 3-box reversal and a retest of a recent breakout point converge.
With a perfect SMAX score of 10, MAR is exhibiting strength across the asset classes
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