Regional Container Lines: Price Action and Areas of Interest It looks to me as if RCL is a corrective move to the downside.
RCL is interesting as price action brings the actively traded value of the stock down to 37 Baht, some 30 Baht away from it's all-time high. Despite convincingly bearish PA since August of 21' RCL has posted great profits, with higher revenue and somehow, a higher profit margin every quarter.
Their assets have grown significantly without trapping themselves in debt, while their cash and cash equivalents have grown almost 500% since 2015. The company could pay off all their 5.7 Billion of debt with just their cash. This is great, considering the tumultuous times we are in! They also have the cash to acquire more PPE (Which they have done).
In the short-term I think there is potential to find support at this level and potential for volume to move price to the upside.
4HR View: I'm using the 4HR view because the E of an ABCDE does not need to touch the upper trendline and I'm not entirely sure how high we go before the E is completed. It is also possible that we can have a "throw-over" of the upper trendline, in that case we can expect price to move lower than illustrated here.
As said in the beginning of this post, I think it is probable that we have PA moving to the downside. As an interested buyer I have outlined potential levels of interest. They're outline in the chart. This is my perspective from the 3D Chart.
RCL trade ideas
RCL | Contracting Triangle Wave Correction ABCDEPrice action and chart pattern trading setup
> Contracting triangle wave correction ABCDE ending estimated at just above SMA400
> Long trading at lower triangle support and / or A position
> 1st Target at 0.5 fibonacci retracement at upper triangle resistance.
> Risk reward ratio at 2:1 for medium term trade.
> Stop loss at SMA400
Indicator:
> Smart money and banker chip volume support at A and C positions.
> Fund flow RSI still in the oversold zone, wait for the rebound.
> BBD signal crossing up the baseline
> KDJ stochastic in downtrend ribbon, wait for the upswing for entry.
Always trade with affordable risk and respect your stoploss
RCL | Bull Dragon Pattern | upcoming Triangle Breakout SetupPrice Action and Chart Pattern Trading Setup
> Bullish Dragon Pattern with upcoming triangle breakout ENTRY setup above EMA200 and Volume Profile Point of control 44.50
> 1st Target upcoming TAIL HOOK fibo 0.5-0.618
> 2nd target at DRAGON HUMP 0.618-0.786
> 3rd target DRAGON HEAD 0.786-1.0
> Tail extended target DRAGON HORN ZONE 1.0-1.618
Indicator:
> Smart Money and Banker Chip important level support at Triangle A position
> Fund flow trend reversal into positive distribution phase
> KDJ Stochastic strong uptrend
> Banker BBD positive trend above baseline 0
Fundamental Factor:
> positive BDI index +5% vs last week above 2000.
> CCFI Container Index still at high level
en.macromicro.me
Risk ratio: 2.5:1 for short term target tailhook position or dragon hump trade and 3:1
Always trade with affordable risk and respect your stop loss
Good Luck
RCL | Big Bearish Bat Harmonic | Testing Resistance TargetPrice Action & Chart Pattern Trading
> It wasn't forming a cup but a big bearish bat harmonic
> Break down EMA200 major resistance and test the bat harmonic resistance target.
CCFI China Container Freight Index still on the all-time high value but price pressure still coming from the sharp declining of BDI index.
en.macromicro.me
Indicators:
Wait for consolidation to form before making a re-entry
> RSI tapping oversold wait for divergence signal.
> MACD dead crossing signal line
RCL | About to make Grand Supercycle Wave 2: TP 107.50 SL 40.00RCL | Thailand SET Index | Transportation Sector | Possible Wave 2 of Grand Supercycle - TP 107.50 Stop Loss Conservatively 40.00 (EMA200)
First Buy: 44.00
Second Buy: golden cross EMA10
Third Buy: cross up EMA20 or breakout downtrend channel of trade
Key indicators:
> Truly aggressive Banker Share Volume turned green and Smart.
> BBD signal about to cross up 0.
> Smart Money and Bottom
> All-time high BDI index