TRIP finds buyers around 54.00 for the third day in a row
TripAdvisor (TRIP) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
TRIP ended the week 2.03% higher at 54.35 after losing $0.69 (-1.25%) today. Trading $0.40 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TRIP as at Aug 10, 2018):
Friday's trading range was $0.84 (1.54%), that's below last trading month's daily average range of $1.97. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 53.65 and 55.69 which it has been in now for the last three days.
Unable to break through the key technical resistance level at 54.84, TripAdvisor closed below it after spiking as high as 54.84 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The stock found buyers again today around 54.00 for the third trading day in a row after having found demand at 54.01 in the previous session and at 53.65 two days ago.
While the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might speed up should prices move above the nearby swing high at 55.69 where further buy stops could get activated.