Leisure cruise line operator Royal Caribbean (RCL) moved up 44 spots on Friday and 7 spots yesterday to take over the 50th place in the green favored zone within the SIA S&P 500 Index report. Since the end of May RCL has not dropped below the yellow neutral zone even though the leisure industry as a whole has been under immense pressure due to global travel shutdowns and restrictions.
After breaking prior resistance around $46 RCL surged up only to come back and consolidate in a range with $46 being the new support and hitting a ceiling at $56 as observed by the minor support line on the chart. Last week shares broke out of this range, retested, and moved higher staying with the trend line established in early April after bottoming in March. Minor support can be found where price broke out and tested at $56 with next resistance appearing near the $70 round number.
Royal Caribbean Cruises Ltd. (RCL) shares have been on a steadily climb since bottoming out in March of this year. Recently shares have increased 22% without a meaningful pullback and closed yesterday at $60.40. Initial support based on a 3-box reversal sits at $55.07, with the first resistance level appearing at $63.26 and then the $75.00 round number.
With its bullish SMAX score of 10, RCL is exhibiting near-term strength against the asset classes.
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