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Possible Bearish Inside Day Candle Pattern Detected for Royal Caribbean (NYSE:RCL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Royal Caribbean (NYSE:RCL) based on the price action in the company's shares. Yesterday's price range of $118.51 and $119.31 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Royal Caribbean may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 22.7% exists for Royal Caribbean, based on a current level of $116.67 and analysts' average consensus price target of $143.11. Royal Caribbean shares should first meet resistance at the 200-day moving average (MA) of $117.27 and find additional resistance at the 50-day MA of $126.35.

Over the past year, Royal Caribbean has traded in a range of $100.47 to $135.31 and closed yesterday at $116.67, 16% above that low. The 200-day and 50-day moving averages have moved 0.08% lower and 0.07% lower over the past week, respectively.

Royal Caribbean Cruises Ltd. operates as a global cruise company operating a fleet of vessels in the cruise vacation industries. The Company operates through brands which primarily serve the contemporary, premium, and deluxe segments of the cruise vacation industry which also includes the budget and luxury segments.

SmarTrend is tracking the current trend status for Royal Caribbean and will alert subscribers who have RCL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Royal Caribbean

Ticker(s): RCL