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Cruise Line Stock Charts Cruising for a Bruising

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

One area that’s been doing rather well on the short side, for whatever reason, is cruise lines. Royal Caribbean is a good example. Take a look and the multiple tinted instances of major reversals, as well as the most recent breakdown of a huge wedge pattern.

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Looking closer, we can see the recent 10% drop in just a few days. Short-term, yes, it seems oversold, but these are serious breakdowns.

A related firm is symbol CCL, Carnival Corporation, which also has suffered the breakdown of a major uptrend, dating back to the bottom of the financial crisis.

A final, somewhat more obscure example is Norwegian Cruise Line Holdings, which is showing its third major reversal pattern on the chart below.

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