Royal Caribbean Cruises Ltd. (RCL). - (RCL) - May 9, 2023
For the third time since the beginning of December, Royal Caribbean Cruises (RCL) has climbed up to top spot in the SIA S&P 500 Index Report. RCL has consistently been in the Green Favored Zone since January and has returned 28.3% over that period. Yesterday, RCL moved up 9 positions and it is up 74 spots in the last month as investors anticipate a rebound in vacation travel this year.
Royal Caribbean Cruises has attracted strong new interest in the last couple of weeks. Climbing up off of successful retest of uptrend support near $60.00, the shares have been rallying on higher volume, staged a breakaway gap up through $70.00 and have blasted through $75.00 to trade at their highest level in a year; all combining to signal the start of a new rally phase in the recovery trend which started last June.
A measured move from the recent trading range suggests initial resistance may emerge near $90.00, followed by the November 2021 peak near $97.50 and the $100.00 round number. Initial support appears near the $75.00 breakout point, then the top of the recent gap near $70.00.
The steepening slope of the arrows on this chart indicate that the recovery trend in Royal Caribbean Cruises (RCL) continues to accelerate. Last month, RCL established another higher low and since then, they have launched up out of a bear trap, completed bullish Double Top and Spread Double Top breakouts and cleared their February high to embark on a new upleg.
Previous column highs suggest potential upside resistance tests on trend near $85.15, $88.55, and $97.80. Initial support appears near $71.25 based on a 3-box reversal.
With a perfect SMAX score of 10, RCL is exhibiting strength across the asset classes.
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