BKNG breaks above 100-day moving average for the first time since January 23rd
Booking Holdings Inc. (BKNG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
BKNG finished the week 4.26% higher at 1990.96 after gaining $31.02 (1.58%) today, notably outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 1990.96 marks the highest recorded closing price since January 23rd. Trading $26.44 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BKNG as at Feb 14, 2020):
Friday's trading range has been $40.22 (2.01%), that's slightly above the last trading month's daily average range of $39.02. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BKNG.
Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Shooting Star which are both known as bearish patterns. The last time a Bearish Hikkake Pattern showed up on February 4th, BKNG actually gained 4.01% on the following trading day.
Booking Holdings managed to close above the 100-day moving average at 1969.11 for the first time since January 23rd.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Booking Holdings. Out of 87 times, BKNG closed higher 58.62% 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 58.62% with an average market move of -0.04%.