Marriot has retested the upper bounds of the topside wedge. We should see a move to at least see a retest of the lower bound and wait for a breakout below.
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Marriott (MAR) wedge short is still very much on the table -- we saw quite a rebound during trading hours after dipping nearly 3% and recovering the majority.
Completion to lower bound take profit (or hold on confirmed breakout) should occur by the end of the week. Any breakout above the wedge should trigger stop-loss.
This is the thing that surprises me. Plenty of stocks are showing strenght while we have this ugly rising wedge with falling volume on main indices and actual dire economic situation. Looks like a trap to me.
apsnt
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@apsnt, I'm refering to that small bullish pennant inside of the triangle you drew. Another one is AMD which is about to form an epic cup and handle. But this is too big a pressure on just a few high cap stocks because they were cheap. Hard to call it a "strenght" when the house is on fire.
sphen
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@apsnt, indeed. I seem to be surprised more often than not lately, unfortunately. I stlil have some hope for Marriott but will have to consider letting it go if things to don't obey the wedge.