Is Tripadvisor Inc (TRIP) Bottoming?
After a sharp rally in 2012-2013, Tripadvisor Inc. $TRIP has been on a choppy downtrend. The weekly chart below shows is falling from 111.25 down to 36 recently.
TRIP Weekly Chart
(click to enlarge)
Double Bottom?
- Price continued to fall in 2017 but found support in the middle of the year.
- It recently tested 36 again in October, and found support there again.
- There might be a double bottom forming.
- If there is a rally, we have to first consider the prevailing bearish trend.
- If we do, we would limit our bullish outlook first to 46, then 53.50.
- 46 is a September resistance pivot.
- 53.50 is a falling channel resistance, 100-week simple moving average, and a previous support/resistance pivot.