$BKNG Booking - Finding support today at the lower limit of the long term bearish channel. Playing for a near term bounce from this area.
Targeting $1850-$1900 range by mid-January.
Note: Informational analysis, not investment advice.
- RSI below 30
- Around Fibonacci retracement support level 1914
- Around Trend Based Fibonacci Extension 1897 support level
- MACD: increasing momentum. However, previous momentum streaks were 10-30 days so I would suggest to wait a bit longer.
- Price dives under Bollinger Bands
- High volumes
Conclusion: wait till panic selling stops (RSI goes up, price back...
This 30m chart of BKNG (formerly Priceline Group) shows the standard "5-down, 3-up" pattern that is the most basic sequence in Elliott Wave theory. The corrective rally simultaneously hit the 50% Fibonacci retracement level and trendline channel resistance. Initiating a short position at 2110 and looking for price to roll over into the end of the month. Immediate...