It has been a while since I reviewed the charts of Marriott. Our last article was published way back on Sept. 15 where we wrote that, "MAR is making a comeback on the charts. Aggressive traders could go long MAR on strength above $109 risking a close below $90 for now. The $140 area is our price target." That trade worked out nicely.
Let's check out the charts again.
In the daily bar chart of MAR, below, we can see that the shares have been stalled and the price action choppy since the end of February. Trading volume has declined since late February and the On-Balance-Volume (OBV) line has stalled.
The Moving Average Convergence Divergence (MACD) oscillator topped out in early March and has declined to the zero line.