Booking Holdings Inc (US: BKNG) has been on a rising streak and although prices have been halting at US$2454.00 region, recent technical indicate that Booking Holdings still have room for further upside:
- The stock has been trending higher highs and lows within the primary uptrend line.
- The formation of the ascending triangle is a sign of a continuation as prices has been testing the resistance zone at US$2454.22-US$2480.66. Furthermore, prices have been well supported previously within the ascending triangle at US$2256.11-US$2295.07.
- The morning star formation is well supported by the 22-day moving average and it is indicative of a shortfall rebound.
- Perhaps the risky factor that will plunge the stock into downside is the bearish divergence. However, should the Relative strength index break above the 60 line, then we should see an invalidation of the bearish divergence.
*Timeline of the trade is 4 weeks from the date issued.
*Alternatively, prices may correct slightly to US$2348.70 before rallying strongly.
CHART LEGENDS
Moving Average
Red dotted line = 200 Periods Moving Average
Blue dotted line = 50 Periods Moving Average
Green Line B= 22 periods Moving Average
