MAR IdeaABC Correction Idea for NASDAQ:MAR
The ABCE correction arrows indicate direction and do not consider time.
MAR trade ideas
Staycation, anyone ?Some budget hotels like in SG are actually enjoying good business now despite the Covid-19. Why?
Read here
You can see due to Covid-19 (again and again), what one country's action can have a drastic action on another country. Travel ban are now common practice amongst many countries as they scrambled with great anxiety to contain the virus within. As number of new cases start to rocket and more deaths registered, fingers are pointing, people are angrier and unhappy, demanding more to be done to help alleviate the situation. Government worldwide are doing their best but the stubborn Covid-19 simply won't give in ..........
Marriott has a good run last Friday, enjoying a near 12% jump. I did say in other posts that pull back or dead cat bounce, whatever you call it is a good selling opportunity. Let's see if it turns true later when the market opens.
Marriott down because of CoronavirusMarriott has already taken a hit because of coronavirus, but it will only go down further. Coronavirus is affecting travel immensely, with travel restrictions and self-isolation periods. Marriott's profits will be much less than normal, and once they close the first hotel, the stock comes crashing down.
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MAR testing the resistance zone...SHORT - MAR
SL: 136.16 (Suggested by our algorithmic system)
TP: 128.24 (Suggested by our algorithmic system)
Reasons behind this idea:
1. On weak resistance trendline.
2. Accumulated/Distribution indicator showing signs of weak accumulation to push price higher.
Caution: Technical Analysis is on the 1 hour chart, not as reliable as 4hr or daily chart.
---------- Chart Drawings ----------
Blue Dotted Line: Broken Support Trendline
Blue Solid Line: Support Trendline (daily timeframe)
Red Solid Line: Resistance Trendline (daily timeframe)
Red Box: Soft Resistance Level
Red Arrows: Bearish Divergence
Purple Vertical Line: Suggested Stoploss by our algorithmic systems (under testing)
Green Vertical Line: Suggested Take Profit
Trade idea from our mobile app: ibb.co (Timestamp is in Australian Sydney Time UTC+7)
Please trade responsibly and good luck!
$MAR Marriott Int Bullish Reversal Short term price target $140
Very bullish reversal after initial selloff post earnings.
Company profile
Marriott International, Inc. engages in the operation and franchise of hotel, residential, and timeshare properties. It operates through the following business segments: North American Full-Service; North American Limited-Service; Asia Pacific; and Other International. The North American Full-Service segment includes luxury and premium brands located in the U.S. and Canada. The North American Limited-Service segment comprises select brands located in the U.S. and Canada. The Asia Pacific segment focuses in all brand tiers in Asia Pacific region. The company was founded by J. Wiliard Marriot and Alice Sheets Marriott in 1927 and is headquartered in Bethesda, MD.
Marriott International american stock buy setups at demand levelMarriott International american stock buy opportunities at new demand levels. Very strong monthly demand level took control at $104, the strength of that impulsive move is the strongest one for months on this american stock. Monthly is in an uptrend and there is a very strong monthly demand in control, no shorts are allowed.
There is also a weekly demand level located around $100 right within that monthly demand that is also in control and playing out. In an uptrend we buy demand levels and that is what is going on right now on Marriott International american stock. We are looking to go long again if we get new demand zones created.
This supply and demand technical trading analysis and bias could help you make a more educated trading decision in your own trading strategy since you now know there is a very strong bullish bias with such a strong monthly demand imbalance in control and new demand zones being created in lower timeframes.
We do not take into consideration any fundamental analysis, no earnings announcements or volume, we do not need any of that to make a trading decision based on supply and demand imbalances. We just need to know where those imbalances are located and what is the bigger picture trend on the stock.
You can also use various options strategies to take longs at demand imbalances, long calls, spreads or any other strategy that you might have on your trading plan.
Does it really matter that Kaskela Law LLC announced a shareholder class action lawsuit against Marriott international, Inc. and encourages investors to contact the firm. Well, what can we say about it? We do not really care about that as long as the long term bias is bullish and there are strong demand zones in control like the one now on the monthly timeframe.
