BKNG closes above its opening price after recovering from early selling pressure
Booking Holdings Inc. (BKNG) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BKNG finished the week -2.2% lower at 1882.48 after gaining $8.31 (0.44%) today, slightly underperforming the Nasdaq 100 (0.59%). Trading up to $8.53 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 1879.10, Booking Holdings confirmed its breakout through the prior session high after trading up to $5.88 above it intraday.
Daily Candlestick Chart (BKNG as at Jul 12, 2019):
Friday's trading range has been $15.49 (0.82%), that's far below the last trading month's daily average range of $28.38. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BKNG.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
After having been unable to move lower than 1868.73 in the previous session, the stock found buyers again around the same price level today at 1869.49. The last time this happened on July 5th, BKNG actually lost -2.55% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 1892.99 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 1858.88 where further sell stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Booking Holdings. Out of 451 times, BKNG closed higher 57.21% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.42% with an average market move of 1.59%.