When we look at the Marriott (NASDAQ:MAR) chart, we see its steady climb from the $162 range at the start of last week, well into the $174 price range where it stabilized and also reached as high as $177.
However, during Friday’s session, there was a retraction from the high to the $170 level, breaking down the from $172 level, possibly due to anticipation for the earnings announcement.
Marriott has scheduled a quarterly earnings announcement tomorrow. If earning expectations are surpassed, we could expect the price to move upwards, towards the $178 price range.
It was last found trading at $170.36 with the closest overhead resistance of $178 and the closest support level at $162. Today we can expect a consolidation at the current level or a move towards $177 resistance.
If however, it doesn’t manage to hold on to the current level then a move towards the $162 support can be expected.
