Travel + Leisure Co

TNL is entrenched in a Stage 3 distribution phase with active Double Top and Bullish Exhaustion patterns signaling waning buyer conviction. The 9- and 21-period EMAs have flattened and turned down, and price is consistently rejecting at this cluster, supported by neutral OB/OS and mid-range RSI/Options readings. Medium-term structure favors bearish engagement into rallies, with elevated risk of transition into Stage 4 if further downside follow-through emerges. Execution is Sell Now on rallies into the EMA resistance zone.

• ↑Q1 2026 revenue rose 3% YoY to $961M; adjusted EBITDA +11% to $225M
• ↑EPS grew 31% to $1.45; free-cash-flow conversion ~50% of EBITDA supports reinvestment
• ↓Travel & Membership segment revenues are declining amid structural exchange changes