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Carnival Corp - (CCL) - June 16, 2023

Since we last mentioned cruise line Carnival Corp (CCL) in the May 10th edition of the Daily Stock report, the shares have soared 50.1%. Over the last six weeks, the shares have continued to rocket up the rankings in the SIA S&P 500 Index Report, climbing from the bottom of the Green Favored to the very top spot as of yesterday. Carnival Corp (CCL) has broken out to the upside in a major way after completing nearly a year of base building. In the last few weeks, the shares have completed a large, bullish Ascending Triangle base, snapped a long-term downtrend line, staged a breakaway gap, and have climbed to their highest level since April of 2022, all on a spike in volume that signals increased accumulation.

With the top of the recent gap near $14.00 emerging as new support, next potential upside resistance appears near $18.00 based on a measured move, the $20.00 round number and a previous high near $21.75.

A major breakout and recovery rally is underway in Carnival Corp. (CCL) shares. After snapping out of a long-term downtrend and completing a big base, CCL has continued to advance, building on a bullish Spread Triple Top breakout.

Based on a combination of vertical counts and previous column highs and lows, next potential resistance on trend appears in the $18.95 to $19.75 zone, followed by the $20.00 round number and then $23.60. Initial support appears near $14.95 based on a 3-box reversal.

With a perfect SMAX score of 10, CCL is exhibiting strength across the asset classes.

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