Booking Holdings operates well-known travel aggregators and metasearch engines like kayak.com, booking.com, agoda.com, priceline.com, rentalcars.com, and cheapflights.com. It has a dominant position in the Online Travel Agency (OTA) market. The company had also seen tremendous growth until the pandemic hit the world. Once the vaccinations are out and things gradually open up, the company is posed for future long-term growth.
The long term monthly chart for Booking Holdings shows a long-term uptrend which peaked in the middle of 2018. The head and shoulders pattern, which formed from 2017 to 2020, led to a fall in prices by about 48% between January 2020 and March 2020. During this fall, the price went below a historical support level at $1655 and briefly below the bottom of the long-term trend.
Starting April, the stock has gained 48% as it bounced up from the bottom of the long-term trend. The price has also crossed the $1655 support level which could have acted as resistance. The likely price target now looks to be $2100 first, and then $2200 subsequently. A stop loss can be placed at $1590, below the $1655 support level.
Position taken today at $1924.50 With stop loss at $1472 23% below the entry point. Medium term take profit point set at $2470 giving a profit of 28%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.
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