Royal Caribbean May Be Attempting a Breakout

BATS:RCL   Royal Caribbean Cruises Ltd.
Royal Caribbean Cruises has spent more than two months consolidating, but it may be getting ready to move again.

The first pattern on today’s chart is the trendline along the closes of December 28 and January 31. RCL ended yesterday above it, which could make some traders think the stock is breaking out.

Prices are also pushing above their 50-day simple moving average (SMA). That could suggest the intermediate-term trend is getting more bullish.

Next, the 8-day exponential moving average (EMA) crossed above the 21-day EMA. That could suggest the short-term trend is getting more bullish. MACD has also turned positive.

Finally, you have the $112.95 level where RCL peaked in July. Last moth’s low was $0.15 above that price. Has old resistance become new support?

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