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.
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.