Carnival Corp. - (CCL) - March 1, 2021
Over the course of February, cruse line Carnival Corp. (CCL) climbed up from the red zone toward the top of the Green Favored Zone in the SIA S&P 500 Index Report. The shares finished Friday in 25th place, up 4 spots on the day and up 245 spots over a month.
A major breakout is underway in Carnival Corp (CCL) shares which recently regained $25.00 for the first time in nearly a year, completing a large, bullish, Ascending Triangle base, and continuing an upward trend of increasingly higher lows.
With the $25.00 breakout point reversing polarity and becoming new support, next potential upside resistance tests appear near $32.00 and then $39.00 based on measured moves, along with potentially the $30.00, $35.00 or $40.00 round numbers.
Carnival Corp (CCL) shares spent most of the last year building a base for recovery following a major price crash in early 2020. Signs that their recovery trend may now be starting to accelerate have emerged recently. In the last month, the shares have rallied up off of a higher low, completed bullish Double Top and Spread Double Top breakouts, cleared $25.00, snapped a downtrend line and are currently trading at their highest levels in eleven months.
Next potential upside resistance tests on trend appear near $31.10, $32.35, and $34.35 based on vertical and horizontal counts. Initial support appears in the $24.50 to $25.00 zone, where a 3-box reversal, round number and recent breakout points converge.
With a perfect SMAX score of 10, CCL is exhibiting near-term strength across the asset classes.
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