Crucial area for MAR.
Slight bullish MACD divergence forming with bullish cross likely in next few days. Potential bear trap occurred on June 28th as price broke below support but has since regained that support level. Clear descending triangle pattern is coming to a head in the next few days as price moves up towards trendline resistance.
Descending Triangle is usually considered a bearish pattern, but given the MACD divergence, the potential bear trap that resolved higher, the longer term bullish stock trend, and the narrative of pent up travel demand, I'm inclined to play for a breakout. Will change my mind if price makes a lower low below the "bear trap" and or dips below the 200 day, roughly $130.
Have been long the stock since 2.22.2021 at $144.96. Long call options as of 7/01/2021.
Slight bullish MACD divergence forming with bullish cross likely in next few days. Potential bear trap occurred on June 28th as price broke below support but has since regained that support level. Clear descending triangle pattern is coming to a head in the next few days as price moves up towards trendline resistance.
Descending Triangle is usually considered a bearish pattern, but given the MACD divergence, the potential bear trap that resolved higher, the longer term bullish stock trend, and the narrative of pent up travel demand, I'm inclined to play for a breakout. Will change my mind if price makes a lower low below the "bear trap" and or dips below the 200 day, roughly $130.
Have been long the stock since 2.22.2021 at $144.96. Long call options as of 7/01/2021.
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