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Fan Yang

Marriott Int'l (MAR) Confirming Bullish Breakout

About a month ago, we saw a key bullish breakout in $MAR as price rallied above a year-long falling channel.

Marriott International (MAR) in a Key Bullish Breakout

MAR Daily Chart

(click to enlarge)

Bullish Breakout and Pullback:
- On the daily chart, we can see how price rallied above the correction channel from early 2018.
-  This breakout also pushed price above the cluster of 200-, 100-, and 50-day simple moving averages while pushing the RSI back above 70.
- This was a significant bullish reversal signal.
- Eventually price retreated from the $140 mark. 
- Now we are seeing price respected the previous channel resistance as support.
- More importantly it is making a higher low and holding above the 200-day SMA. 
- I think as long as price can hold above $120, the bullish breakout would be live. 
- With price indeed holding above this pivot, there is medium-term (rest of 2019 to early 2010) upside back to the 2018 high around $148. 

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