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- 1 Booking holding stock price closed at $3243.01 with a gain of 5.87% during the last intraday session.
- 2 BKNG stock trades above 20,50,100 and 200-day exponential moving averages.
This year has been one of the terrific years for BKNG stock price, rising from the low of $2005.57 and forming an all-time high at $3246.79. Booking Holding stock price spiked 5.87% on August 7th, Monday after Quarter 2 earnings crushed the estimates.
Since the release of Q2 earnings results, the stock price has surged approximately 15.80% from the low of $2794.36. The booking at night for rooms saw a surge of 9% from the previous year’s quarter.
Argus, a research company, raised its price target for Booking Holding from $3080 to $3677 which was also one of the reasons for the surge in stock price.
The consensus estimated the earning per share to be $28.98 but it turned out to be $37.62. The revenue was estimated to be $5.16 billion but it turned out to be $5.46. Improving travel demand and booking trends from the previous year’s quarter were the tailwinds.
United States Market Needs to be Tapped
Looking at the chart, previously price was stuck in a consolidation zone ranging between $2787 and $3013.60. If bullish momentum prevails, there is the possibility that the price might head toward the next psychological level of $3,300.
Booking Holding also raised its Q3 gross booking as a rise in demand for travel outweighed the rising cost in the uncertain economy. The travel company identifies the United States as an untapped market where it has ample room to grow.
Booing.com is well-known and a big name in Europe and much less in the U.S. The competitor of Booking Holding, Expedia is an online travel agency in the United States.
Will BKNG Stock Price Enter Into Corrective Phase?
The stock price trades above 20, 50, 100, and 200-day exponential moving averages (EMAs), indicating bullish momentum. Chaikin money flow (CMF) score has soared from -0.18 to -0.01 indicating increased participation of bulls in the market.
CMF still trades below the 0 mark but the market structure is highly bullish. The relative strength index has entered into an overbought zone and stands at 73.13 indicating the possibility of a short-term pullback. The bullish rally is strong and there is less possibility of reversal.
BKNG stock price has crossed above the upper band of Bollinger which also suggest the possibility of a short-term pullback.
Conclusion
Technical indicators suggest the possibility for the stock price to enter into the corrective phase. The market structure and price action of Booking Holding are bullish after the release of the Quarter 2 report.
Technical Levels
- Major support: $2495 and $2787
- Major resistance: $3300 and $3600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
