If we look at the TripAdvisor (NASDAQ:TRIP) daily chart, we can see the channel between $32 and $33 at the beginning of the week was broken after the gap up on Nov. 5.
This could have been because of the positive earnings anticipation. The stock price bounced from $32.50 to the high of $36.50.
It failed to hold to the $37 price level yesterday dropping back down towards its support level at $34.5. Its last traded price was $34.90.
TripAdvisor had scheduled a third-quarter earnings announcement yesterday. The earnings didn’t meet expectations, leading to a negative market reaction during yesterday’s session, falling from $37 to the $34.90 level.
Today we could expect a move downwards near the $34 price range as negative momentum may be in play.
If however, it manages to hold above the current price range of $34.9 then a case can be made for moving above the $35 price level.