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Royal Caribbean (RCL) Crossed Above the 50-Day Moving Average: What That Means for Investors
Royal Caribbean (RCL - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, RCL broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, RCL has gained 6.2%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider RCL's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 7 higher, while the consensus estimate has increased too.
Investors may want to watch RCL for more gains in the near future given the company's key technical level and positive earnings estimate revisions.