Royal Caribbean Cruises (RCL) spent 18 months bouncing around between the red and yellow zones in the SIA S&P 500 Index Report but has caught fire lately. In the last month, RCL has rocketed up 420 positions starting deep in the red zone and soaring back up into the Green Favored Zone for the first time since April of 2021. Yesterday, RCL climbed another 13 positions to 39th place.
Since bottoming out in July, Royal Caribbean Cruises (RCL) has been under renewed accumulation. Its emerging upward trend has accelerated since it bottomed out at a higher low near $35.00 back in October. In recent weeks, a bullish Rising Channel of higher highs and higher lows has emerged, the shares successfully retested their 50-day moving average as support and yesterday, RCL gapped up to its highest level since June.
Next potential upside resistance appears at previous lows near $65.00 then $75.00 on trend, with initial support moving up to the $50.00 round number.
A major breakout is underway in Royal Caribbean Cruises (RCL). After selling off in May-June, the shares have been in recovery mode since it bottomed out in July. Over the last four months, a new uptrend of higher lows has emerged along with a series of positive pattern completions including Spread Double Tops, and Triple Tops. Yesterday, the shares blasted through $55.00 to snap a downtrend line which confirmed the start of a new uptrend, and completed a bullish Double Top to signal the start of a new upleg.
Vertical counts and tests of previous column highs/lows suggest potential upside resistance tests near $62.05 then $69.85 and $75.60 on trend. Initial support appears near $52.90 based on a 3-box reversal and a retest of the most recent breakout point.
With a perfect SMAX score of 10, RCL exhibiting strength across the asset classes.
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