RCL - Ascending Triangle BottomWhile an ascending triangle usually forms with a prior uptrend (ie a "continuation" pattern looking to resume the prior (up) trend), the odds are also good as a trend reversal pattern when it forms at the bottom of a chart.
Looks like a breakup of this triangle is getting close especially when we see a strong gap up as it approaches the apex of the triangle (although another minor pullback cannot be ruled out).
Declining volume is also typical as the triangle is being formed and once it breaks up (for good), an increasing volume will help increase the odds of a sustainable trend.
Theoretical target is ~ 128 (a cool 68% profit potential from breakup level of 76). I would put an initial stop loss 65 and trailing the stop up on if and as the trade goes our way. Let's check back in several weeks / months to see how this will play out!
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to comment and share your opinion :)
What traders are saying
ROYAL CARIBBEAN GROUP Course Hey guys, ROYAL CARIBBEAN GROUP is in a false bearish trend with a large volume of purchases issued and an attempt by repressed buyers. Leaning on the TIMEFRAME M1 we see a hammer bull candle shape with past purchase volume. It is very plausible to break the VWAP then to breakout the price zone and put it away to go to a new zone. Subsequently go fill the gap of bearish breakout and breakout again to revel on the high after.
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ABC BullishPossible T2 (long term) 116.5 to 136
Possible stop below 45
RCL had formed a intra-year C&H pattern but is not to long entry level on that pattern of 75.7
I think travel stocks will move after election when the covid scare goes away. I do not think there will be a point in continuing the fear instilled in to this country by the media anymore, no matter who wins. The purpose will have been served.
Not a recommendation
RCL DAILY LONGSee chart annotations for entry.
Pulled off a similar move from mid 60s up past 100 in 2016.
Seasonax detrended data shows this stock is typically strong until the end of the year.
Could be dependent on US election result however.
Wide stop to account for several attempts to break through 75 and 200 MA.
ALT
200 MA is down and if price can't break through it this target will never be reached.
Position size 1% of account as usual.
RCL - Royal Caribbean Stock Analysis
Based on Tehcnical and Fundamental analysis the idea is to go long
Fundametal Analysis:
Royal Caribbean, Carnival, Norwegian Cruise Line – Shares of cruise operators jumped on Friday after Barclays upgraded the sector to overweight from equal weight. The Wall Street firm said the worst is over for the beaten down group and that next week’s CDC decision on the no-sail order will be a catalyst for the stocks. Norwegian popped 7.8% while Carnival gained 6.3%. Royal Caribbean was up 5.3%.
Virus & VaccineStocks that plunged for the virus will rally for a vaccine. Stocks that went up because of the virus, will go down because of the vaccine. The stock market works in a very simple mechanism. There is no secret, no surprise whatsoever. Why people don't get that?
There are three main forces working in the market : Liquidity (cash), Virus (Work from home), Vaccine (Massive pent up demands).
Liquidity is there and it can go to any direction. Virus and Vaccine are determining the direction the money will flow. And it is flowing exactly that way. If you buy techs now instead of cyclicals, you won't be better off.
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