SIACharts Logo

Commentary >

Carnival Corp. - (CCL) - June 3, 2021 

With cruise lines attracting renewed interest for their potential to benefit from easing travel restrictions in the future, Carnival Corp. (CCL) returned to the Green Favored Zone of the SIA S&P 500 Index report yesterday from a brief dip into the yellow zone. Yesterday CCL climbed 80 spots to 58th place.Back in February, Carnival Corp. (CCL) shares completed a bullish Ascending Triangle base with a breakout over $25.00. Since then, the shares had been consolidating their gains with the $25.00 round number reversing polarity to become new support and the $30.00 round number emerging as resistance. Yesterday, the shares blasted through the top of that trading range to signal the start of a new upleg within the recovery trend that started in March of 2020.

Based on a measured move from the ascending triangle, initial upside resistance may appear near $37.00, followed by $40.00 where a round number, pre-crash support level and a measured move from the rectangle cluster, and then near $45.00 on trend. Initial support moves up toward $27.00 from $25.00.

Carnival Corp (CCL) has come under renewed accumulation recently, launching a new high pole by rallying up off of a successful retest of the $25.00 round number and prior resistance becoming new support following a breakout that also snapped a downtrend line back in the winter. Yesterday, the shares blasted through $30.00 to complete a bullish Spread Double Top pattern, building on previous breakouts confirming the start of a new upleg.

Horizontal and vertical counts from recent positive pattern completions suggest potential upside resistance tests on trend near $35.75, then $37.95, $42.70 and $45.35. Initial downside support appears near $28.75 based on a 3-box reversal.

With a bullish SMAX score of 7, CCL is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.