Royal Caribbean, Reversal Soon?

Published on Wednesday, 23 January 2013 04:21 Written by TradersHuddle Wire

New York, January 23rd (TradersHuddle.com) - Shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) ended the trading session higher by $0.08 or 0.22% from its previous close. Royal Caribbean's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Royal Caribbean Cruises Ltd. (NYSE:RCL) is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry.

Royal Caribbean's current stock range is determined by calculated support defined at $32.92 and by the resistance level at $37.73, which should be used by traders planning their next move.

If traders want to establish a position in Royal Caribbean, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Royal Caribbean for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: