Here’s where I think $TRIP can take flight – March 14, 2024
This is Scott with StockMarketMentor.com and your Chart of the Day. I want to take a look at TripAdvisor ( NASDAQ: TRIP ).
I don’t know about you, but I’ve got a ton of friends who are telling me about their summer plans, where they’re going on vacation and holiday this year. And so that brought me to check out what the travel stocks are doing. I definitely see some potential here in TripAdvisor ( NASDAQ: TRIP ).
You can see off of its last two positive earnings reports. We’ve had some positive price action, where it’s been riding up this cluster of moving averages. In recent days it’s just been going sideways, consolidating nicely, but it’s good to see that this is holding up despite the weakness in the overall stock market.
If I zoom out here we can see a pretty clear resistance zone on TripAdvisor ( NASDAQ: TRIP ) right around that $28.00 level right there. We can see how this level was pretty important on the way down. It acted as support a few times, and now it’s pretty clear resistance and has been since 2022.
I definitely think we should be watching for a breakout above $28.00 right there on TripAdvisor ( NASDAQ: TRIP ). It may take a couple of weeks, I’d like the moving averages to really be closer to that breakout zone just because we can see support is way down here at the 21-day EMA.
You don’t usually, especially in this kind of market environment, you don’t usually want to be buying way up here if support is way down here. So I definitely would wait for some further consolidation in this chart. And then potentially, a break, through 28.00 on volume for some follow through to the upside.
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