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Carnival Corp. - (CCL) - May 10, 2023

Cruise line operator Carnival Corp. (CCL) has been rising a roller coaster within the SIA S&P 500 Index Report this year. Since January, CCL has climbed from the bottom of the red zone to the top of the Green Favored Zone, dipped back down into the red zone and popped back up recently, returning to the Green Favored Zone for the first time since March. Yesterday, CCL finished in 114th place, up 34 spots on the day and up 187 positions in the last month.

Since bottoming out back in October, Carnival Corp. (CCL) has been base building and starting to recover lost ground. An initial rally ran into resistance near $12.50 but the ensuing correction bottomed out at a higher low near $8.50. This month, the shares have embarked on a new upswing, breaking out of a Symmetrical Consolidation Triangle and regaining the $10.00 level.

Based on previous highs, initial upside resistance may appear near $11.50 or $12.50, followed by $14.00 based on a measured move from the triangle. Initial support appears near the $10.00 breakout point, then the moving averages near $9.60.

While overall base-building continues, it appears that the recent correction in Carnival Corp (CCL) shares has run its course and a new upswing has started. Climbing up off of a higher low, CCL has completed a bullish Double Top breakout.

Initial upside resistance appears in the $11.35 to $12.25 zone where a downtrend line and previous column highs cluster, followed on trend by $14.35, also based on a previous column high. Initial support appears near the $10.00 round number, then $9.65 based on a 3-box reversal. With its bullish SMAX score increasing to 9, CCL is exhibiting strength against the asset classes.

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