Hotels Are Empty
- Posted by Greg Harmon
- on April 10th, 2014
That is what you would think from their stock charts. Hotel stocks are looking like every boss everywhere is about to mandate video conferencing instead of face-to-face discussions and families have all decided to go camping instead of a proper holiday this summer. here are a few to look at.
Choice Hotels, $CHH, is sitting on a support/resistance zone that has been important since last July. With a Marubozu like candle Thursday and a falling RSI and MACD the prospects are for a breakdown and continuation lower. Under 43.70 the next support shows up at 41.70 and then 39.80.
I just stayed in a Hyatt, $H, the other night and it was quite pleasant, crowded and generally buzzing. But the chart shows the stock is moving lower through a support zone with a falling RSI and MACD and a gap just a few points below.
Wyndham Worldwide is pressing on support as well. The RSI is on the edge of a move into bear territory with a MACD heading lower, both supporting the downside. and a cool 5% run to the 200 day SMA below.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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