During the early part of the Mad Money program Monday evening, Jim Cramer told viewers that investors were also worried over the latest COVID variants and whether current vaccines would remain effective.
Travel was especially hard hit on Monday, with Marriott International ( MAR) shedding 3% by the close. Let's check on the charts and indicators.
In this updated daily bar chart of MAR, below, we can see that prices have worked lower from late February. MAR is trading below the declining 50-day moving average line but still above the rising 200-day line which intersects around $129 or so.
The On-Balance-Volume (OBV) line shows weakness in June and the Moving Average Convergence Divergence (MACD) oscillator is below the zero line for a sell signal.
In this weekly Japanese candlestick chart of MAR, below, we see a mixed picture. Prices are trading above the rising 40-week moving average line but a test of the line in the weeks ahead seems logical.
The weekly OBV line shows a peak in April. The MACD oscillator crossed to the downside in April for a take profit sell signal.
In this daily Point and Figure chart of MAR, below, we can see that the software is projecting a potential downside price target in the $123 area.
In this weekly close only Point and Figure chart of MAR, below, we can see a $210 price target.
Bottom line strategy: In the short-run we are likely to see MAR dip a little bit more but in the long-run we could see gains in the $210 area. Avoid the long side for now but we want to be buyers at some point soon.
