RCL closes within prior day's range
Royal Caribbean Cruises Ltd (RCL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
RCL ended the week 1.09% higher at 113.64 after losing $0.54 (-0.47%) today. Trading $1.39 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (RCL as at Aug 10, 2018):
Friday's trading range was $1.92 (1.68%), that's slightly below last trading month's daily average range of $2.63. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 114.37, Royal Caribbean closed below it after spiking as high as 115.46 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 113.01 in the previous session, the market found buyers again around the same price level today at 113.54.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.