Over the course of February, cruse line Carnival Corp. (CCL) climbed up from the red zone toward the top of the Green Favored Zone in the SIA S&P 500 Index Report. The shares finished Friday in 25th place, up 4 spots on the day and up 245 spots over a month.
A major breakout is underway in Carnival Corp (CCL) shares which recently regained $25.00 for the first time in nearly a year, completing a large, bullish, Ascending Triangle base, and continuing an upward trend of increasingly higher lows.
With the $25.00 breakout point reversing polarity and becoming new support, next potential upside resistance tests appear near $32.00 and then $39.00 based on measured moves, along with potentially the $30.00, $35.00 or $40.00 round numbers.
Carnival Corp (CCL) shares spent most of the last year building a base for recovery following a major price crash in early 2020. Signs that their recovery trend may now be starting to accelerate have emerged recently. In the last month, the shares have rallied up off of a higher low, completed bullish Double Top and Spread Double Top breakouts, cleared $25.00, snapped a downtrend line and are currently trading at their highest levels in eleven months.
Next potential upside resistance tests on trend appear near $31.10, $32.35, and $34.35 based on vertical and horizontal counts. Initial support appears in the $24.50 to $25.00 zone, where a 3-box reversal, round number and recent breakout points converge.
With a perfect SMAX score of 10, CCL is exhibiting near-term strength across 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.