Daily Stock Report

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. 

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