MAR runs into sellers again around 86.92
Marriott International (MAR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
MAR ended the month -3.13% lower at 85.73 after edging lower $0.87 (-1.0%) today on low volume, strongly underperforming the Nasdaq 100 (1.96%). Trading up to $1.41 lower after the open, Marriott International managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (MAR as at Jun 30, 2020):
Tuesday's trading range has been $2.92 (3.42%), that's below the last trading month's daily average range of $5.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MAR.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical resistance level at 88.10 (R1). After having been unable to move above 86.61 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 86.92. The last time this happened on June 26th, MAR actually gained 6.99% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might speed up should prices move below the nearby swing low at 80.26 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Marriott International. Out of 437 times, MAR closed higher 52.63% 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 60.41% with an average market move of 0.68%.