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Fan Yang

Marriott International Inc. (MAR) Failed to Break Key Resistance

Recently, we saw Marriott International $MAR rally sharply into a key resistance. We warned of a possible pullback.

Marriott International Inc. (MAR) Facing Key Resistance After Sharp Recovery

Indeed, price retreated after meeting the key resistance around $130. 

MAR Daily Chart

(click to enlarge)

Key Resistance:
- As we can see on the daily chart, there was a convergence of a falling trendline as well as a previous support pivot around the $130 level. These factors acted as resistance and price retreated at the end of February. 
- More recently, overall market appetite has been fading as well, and likely contributed to the further slide in MAR. 
- In the previous assessment, we anticipated support around $120. But if the overall market sentiment is averse, we should look for a lower support around $110-$112.
- The reason we are not looking for a bearish continuation scenario is because price was able to climb above that November high. This means it broke the pattern of lower highs. Therefore, it seems logical to anticipate a higher low (above that $101 low from December 2018. 
- Furthermore, there is a support/resistance pivot around $112.
- Even though I am picking these specific levels, I am not looking for a specific bottom here, but simply anticipating a shift around these price levels. If a pullback indeed stalls around these levels, then I would anticipate and possibly trade a price bottom, with upside back towards $130. 
- Note that if price does bounce from say $112 to $130, we can also anticipate a break above $130.

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