Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Priceline Group Inc PCLN shares were trading higher by $38.21 (3 percent) at $1,558.00. It is continuing its monster rally that was instigated by its Q4 earnings beat ($10.85 vs. $10.09) with better-than-expected revenue ($1.84 billion vs. $1.80 billion).
One week ago, Priceline ended the session at $1,122.99. After a nearly $100 rally following the earnings beat, it hovered at the $1,220.00 for four days before taking off once again. So far in Wednesday's session, it has reached $1,258.91 and has continued to make new highs throughout the trading day.
If the rally continues, a potential area of resistance may be at its September 3 high ($1,262.95). The all-time high for the issue was made in March 2014 at $1,378.96.
On January 16, 2015, it bottomed just below the psychological $1,000 support level at $990.69 before embarking on a $260 rally in the past 26 trading sessions.
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