Booking Holdings Inc (BKNG Stock): Next Destination $3400 Mark?

• Booking’s Etraveli deal faces EU antitrust veto.
• Booking Holding announced its Q2-2023 consensus.
• The BKNG stock trades at $3060.58 and is down $37.33 in the pre-trading market.

Booking Holding (NASDAQ: BKNG) stock has pulled under a bearish trend after attaining an annual high at $3251 on August 9, 2023. However, the bearish trend was halted, forming a support level of $ 3,008 at the end of August. Since then, the price has gained slightly bullish momentum, which was halted at a $3226 resistance level until mid-September.

From the past week, the BKNG stock has dropped about 6% from the resistance of $3226. Moreover, the stock price is trading at $3060.58 while witnessing a decline of 1.21% in the past 24 hours. Meanwhile, the present market capitalization of Booking Holding is $109.23 Billion, while the average volume is 300.614K shares. 

Booking’s Etraveli Deal Faces EU Antitrust Veto.

Booking Holdings proposed a $1.8 Billion purchase of Swedish peer Etraveli Group, which was vetoed by EU antitrust regulation. European Commission had blocked the deal and said they are concerned about the US online travel agency’s market dominance. 

However, after that decision, Booking Holdings challenged the European Commission. They said, “The company strongly believes the Commission is wrong on both the facts of the case and the law applicable to this transaction, which was cleared unconditionally by multiple competition authorities, including the UK Competition & Markets Authority and US FTC.” 

The commission has scheduled to decide on the deal by Today (September 27).

Q2-2023 Financial Report Of Booking Holdings Inc.

Booking Holding released its 2nd quarter financial report on August 3, 2023, with quarterly earnings of $37.62 per share, beating the Zacks Consensus estimate of $28.84 EPS by the earnings surprise of 30.44%. 

Meanwhile, the reported revenue was $5.46 Billion for the quarter ended June 2023, outpaced the Zacks consensus estimate by 6.41%, whereas the estimated revenue was $5.16 Billion. The Q2-23 consensus elevated the price by about 16% within 3 days. Hence, BKNG stock achieved an annual high on the 5th day after the quarter report release.

Will BKNG Stock Retest the Annual High?

The long march of bulls dominated the price action since the start of 2023. Hence, the significant moving average also reflects the bullish trend. Therefore, the stock price hovers above 50, 100, and 200-day EMAs, reflecting vigorous strength and bullish dominance.

The Relative Strength Index (RSI) scores 46.19, indicating a slight strength during the intraday session. However, the downshift in RSI had occurred recently. However, the CMF is at -0.03, which denotes slight weakness in the market due to the recent fall in the price action.

Conclusion 

Booking Holdings has performed proficiently in this fiscal year. According to the performance of year-to-date and three-month returns of 50.11% and 13.44%, respectively. The stock was in an uptrend trajectory throughout the year. Moreover, the BKNG stock started its price journey from the low of $2005 towards the current high of $3200. 

Technical Levels 

Major resistance: $3226.57 and $3251.47 

Major support: $2005.57 and $2456.93

Disclaimer

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