Market Technician O'Hara Sees Bullish Booking Holdings Technical Setup

Many of the travel stocks have moved sideways since March, but Booking Holdings Inc BKNG is breaking out, MKM Partners Chief Market Technician JC O'Hara said on CNBC's "Power Lunch" Friday.

O'Hara told CNBC that he likes the technical setup for Booking Holdings.

If the stock holds its current levels, it would be a new weekly closing high, he said. "That is very powerful," he added.

The chief market technician put a technical price target on Booking Holdings of $2,750-$2,800, which represents 13% upside from current levels.

"We are buyers of Booking on the breakout this week," O'Hara said. 

Related Link: Stocks That Hit 52-Week Highs On Friday

BKNG Price Action: Booking Holdings gained 1.8% Friday, closing at $2,476.90.

Image by Edeltravel_ from Pixabay.