Royal Caribbean Cruises Ltd. (RCL). - (RCL) - May 9, 2023 (Daily Stock Report)

by SIACharts.com

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.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Total
0
Shares
Previous Article

What ā€˜Data-Dependentā€™ Feels Like

Next Article

FactSet: S&P 500 Firms with Global Reach See Q1 Revenue Dip

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.