Royal Caribbean Hovers Near GapRoyal Caribbean hit an all-time high four weeks ago, but it’s been sliding since.
The first pattern on today’s chart is the series of lower highs since January 31. Notice how each followed a tepid uptrend that failed to hold. The last may be viewed as a bearish flag within the context of a new short-term downtrend.
Speaking of short-term downtrends, the 8-day exponential moving average (EMA) is below the 21-day EMA. MACD is also falling. Those patterns may reflect a bearish direction.
Third, prices tried and failed to hold the rising 50-day simple moving average. That may suggest its intermediate-term trend is negative.
Next, earnings lifted RCL on January 28 but the rally didn't hold. Are investors abandoning ship on the fundamental story?
Finally, the cruise ship operator jumped above $220 on November 6 after the election. That could make traders look for prices to test that gap.
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