- Royal Caribbean Cruises trades over 20% higher on Wednesday.
- The whole sector has received a boost on vaccine optimism.
Royal Caribbean Cruises Stock Price
The whole of the travel sector is the US is trading higher as hopes of a vaccine boost US stock markets. The travel sector has much to gain as if the vaccine is successful people will be able to travel again. This may be slightly premature but it did not stop the volume coming in and backing the move.
Looking at the daily price (NYSE:RCL) chart below, the arrow represents the amount of volume traded on the session. As you can see there is only a couple of other occasions on the chart where the volume was higher than it was today. Looking at some of the other more technical points the price is hanging above the 55 Simple Moving Average and it could be used as a support if the bears do step in.
The MACD indicator has recently turned up as the histogram is now in the green. The Relative Strength Index is conclusively above the 50 line too. One of the key features on the chart is the triangle pattern and if the trendline breaks to the upside it could be another very bullish signal. The price could then look to target the red resistance zone at 75.55 per share.
Other travel names have also performed well today too. The Norwegian Cruise Line (NYSE: NCLH) and American Airlines (NYSE:AAL) share prices are both above 15%. Although Boeing (NYSE:BA) shares are not at the top of the leaderboard in terms of performance they are when it comes to volume. Despite the market backing this move with great support, many analysts will be keeping a close eye on Moderna (NASDAQ:MRNA) news, as if there is any negative news on the vaccine front the price of all of the travel companies could come back down to earth once again.
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