• Swing Trade Idea (BKNG) – May 09, 2023

    OptionsPlay’s bearish trade for Tuesday, May 9th is Booking Holdings Inc. (BKNG). BKNG is part of the Consumer Discretionary Sector, that has performed at 1.90% over the last week with BKNG underperforming relative to its sector at -1.92% over the same period.

    BKNG as well as its sector has traded into area of resistance and is pulling back to lower levels. BKNG had strong gains since the start of 2023 and has now reached a point of exhaustion as it topped at a long-term resistance area, from where we expect to see further downside.

    As a close, if BKNG were to trade above $2,685 for multiple days, this would invalidate our analysis and will consider cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves below $28.40.

0 comment