Online travel companies have been on fire lately, and India-based MakeMyTrip (MMYT) is no exception. This company just hit a new all-time high on Monday on tremendous volume. Its competitors, like Price and Expedia, also hit new highs, but an active India travel market and the continued popularity of online travel reservations MMYT stands out. Since the beginning of the year, the stock has been on a roll, moving up more than 90%.
On the chart below you can see the tremendous turnover that hit in March and continued into April (circled), while momentum indicators continue to fly higher. Relative strength is at new highs and threatening to penetrate the level last seen during the massive January run up. The MACD is on a buy signal as well, and while this could pull back a bit to the trend line, consider it another buying opportunity.
MakeMyTrip LTD (Nasdaq:MMYT) Video Chart Analysis
Take a deeper dive into the chart action on tech stock MakeMyTrip LTD Nasdaq: MMYT and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About MakeMyTrip LTD
MakeMyTrip Limited, an online travel company, provides travel products and solutions in India and internationally. It operates through two segments, Air Ticketing, and Hotels and Packages. The companys services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire, and ancillary travel requirements, such as facilitating access to travel insurance and visa processing. It allows travelers to research, plan, book, and purchase a range of travel services and products through its Websites makemytrip.com, makemytrip.ae, makemytrip.com.sg, us.makemytrip.com, hoteltravel.com, and easytobook.com; and other technology-enhanced distribution channels, including call centers, travel stores, and travel agents network, as well as mobile service platform. As of March 31, 2016, the company had 16 company-owned travel stores and 49 franchisee-owned travel stores. It serves leisure travelers and small businesses. The company was founded in 2000 and is based in Gurgaon, India.
