Good morning traders. Priceline Group, Inc. (PCLN) has closed lower six out of the last eight trading days. A broad market pullback may help the stock move into the long entry level illustrated on the chart below.
The stock is now within a short distance of testing the breakout level and touching the ascending trendline for the first time. We are anticipating a reversal back higher from this level with a target around 1350 level (blue oval). The protective stop loss specified in today’s Bulls and Bears section is set approximately 1.5 times the daily average true range under the entry.