Royal Caribbean May Be Cruising LowerRoyal Caribbean Cruises drifted higher since the summer, but now it may be rolling over.
The first pattern on today’s chart is the level around $61.45, where the leisure stock bottomed in March before proceeding to new lows. RCL peaked around that price on November 15 and December 1. (Both were also monthly highs.) That may suggest old support has become new resistance.
Second, the stock spent five weeks above its 200-day simple moving average (SMA) but closed below it on Friday.
Last Tuesday was an especially bearish session after RCL opened green and closed red, producing a lower high. The eight-day exponential moving average (EMA) also slid below the 21-day EMA.
Finally, MACD has been falling all month.
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