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- 1 Marriott stock price (NASDAQ: MAR) corrected 10% after hitting the 52-week high.
- 2 MAR stock price has dropped below the 50-day EMA showing short-term trend reversal.
- 3 Marriott International Inc. stock is near the strong demand zone.
Marriott stock price (NASDAQ: MAR) is reversing down and fell 10% (approx.) after hitting the 52-week high. It faced rejection from $208.00 and retraced down to retest the breakout zone.
MAR stock price dropped below the 50-day EMA which triggered the negative sentiment and invites further decline. It showed signs of a short-term bearish trend reversal. But the confirmation is still awaited. At the beginning of July, Marriott International, Inc.’s stock price breakout of the $184 hurdle with a strong buying volume. It grabbed the attention of investors and fueled the rally in the stock.
However, in mid-August, the rally halted near $211.00 and prices witnessed minor profit booking. MAR stock declined by forming lower lows and eroded the majority portion of previous gains. Currently, the price is trading near to demand zone so down might take a halt soon. It has corrected a lot in the past weeks so a short-term pullback or a narrow-range consolidation is a must.
Marriott’s stock price closed the previous session at $191.76 with an intraday decline of – 0.61%. The market capitalization stands at $57.19 Billion.
Will Marriott Stock Price Bounce Back From Demand Zone?
Marriott stock price (NASDAQ: MAR) formed a bearish pattern but sellers may face difficulty in pulling the price further down. Meanwhile, the broader market indices are mildly bearish due to which sellers may remain active in MAR stock.
Till Marriott share price sustains above $183 the possibility of upward reversal is high. Investors should look to buy in a range between $183.00 to $190.00.
If buyers succeed in defending the range then the price might rebound and test the previous highs by 2023 end.
MAR Stock Price Fallen for Three Consecutive Weeks
MAR stock price fell for three consecutive weeks. It raised concern for its long-term investors but analysis says the downfall is temporary. So, it’s better to stay invested in the Marriott stock for decent returns.
The MACD curve slopes down and also slips below the zero line. It shows the strength of bears and prices might trade with a bearish bias for some more time. The RSI at 36 slopes down denotes weakness but if the price declines further then it may reach the neutral territory.
Conclusion
Marriott’s stock price (NASDAQ: MAR) is in a short-term correction phase. Sellers are trying to reverse the trend in the downward direction but confirmation is still awaited. The analysis suggests that till the MAR stock price holds $183.00 the possibility of bounce back remains high.
Technical levels
- Resistance levels: $200.00 and $211.00
- Support levels: $190.00 and $183.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
