BKNG breaks below Thursday's low
Booking Holdings Inc. (BKNG) Technical Analysis Report for Feb 21, 2020 | by Techniquant Editorial Team
BKNG ended the week -3.13% lower at 1928.72 after losing $42.19 (-2.14%) today on low volume, slightly underperforming the Nasdaq 100 (-1.88%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 1956.39, the share confirmed its breakout through the previous session low after trading up to $34.23 below it intraday.
Daily Candlestick Chart (BKNG as at Feb 21, 2020):
Friday's trading range has been $45.93 (2.34%), that's above the last trading month's daily average range of $39.52. Things look different on the weekly timeframe, where the market's trading range of the last week has been 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 Black Candle.
After trading as low as 1922.16 during the day, the market found support at the 200-day moving average at 1922.87. The last time this happened on December 2, 2019, BKNG actually lost -0.24% on the following trading day. The stock closed back below the 100-day moving average at 1968.49.
Booking Holdings shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 200" stand out. Its common bullish interpretation has been confirmed for Booking Holdings. Out of 14 times, BKNG closed higher 57.14% 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 64.29% with an average market move of 3.08%.