Because Priceline has blown past my 1085.19 target by nearly five bucks, I’ve called up a monthly chart with a long-term perspective in order to hazard a new prediction. As you can see, there is a target at 1155.61 sufficiently compelling to serve as a minimum upside objective — and not just for the near term, since this particular Hidden Pivot resistance, coming as it does from the monthly chart, stands to be an important one. Your trading bias between here and the target should be bullish, of course, but I would encourage you to reverse any long positions and get short at or near the target in whatever way you’re comfortable with. If you let me know in the chat room of any fills, I will use middle-of-the-road numbers to establish a tracking position. _______ UPDATE (November 12, 10:03 p.m. EST): PCLN has shrugged off a touch of the flu and is once again making new record highs. The 1155.61 target remains valid, but more immediately, traders can use a Hidden Pivot at 1125.64 as a minimum upside projection for the near term. ______ UPDATE (November 14, 7:54 p.m.): The rally stalled almost exactly at the 1125.64 target at Wednesday’s close, then gapped above it the next morning. This all but guarantees that our longstanding target at 1155.61 will be reached. Bulls should reverse the position or put on covered writes when the target is hit or closely approached. If you choose the former, I’d suggest a stop-loss as tight as you can abide, since targets have been working rather precisely in this vehicle. _______ UPDATE (November 18, 2:12 a.m.): No changes, but you should be alert to the possibility of a stall here — or possibly worse — due to an important Hidden Pivot target at 1146.99 that comes from the daily chart (A=972.40 on 10/9). This target has been more than five weeks in coming, and so it should be expected to show some stopping power. Friday’s high at 1144.76 leaves room for a head-fake to the target before PCLN turns down, so if you’re looking to trade this vehicle, don’t miss the opportunity to get short at that number with a stop-loss as tight as 25 cents per share. ______ UPDATE (November 18, 9:19 p.m.): Alas, the dive we’d anticipated came from a brazen but feeble head-fake that peaked at 1145.00. The downturn, which came in two fleeting stages, was shortable via camouflage, but even an expert would have found it challenging to stay aboard.
