Carnival Corp. (CCL): Will Carnival Stock Price Revert Back Now?

• Carnival stock price needs to revert back from $11.10 says analysts from an established financial organization.
• CCL share price has been trying to sustain at 20 and 200-days DMA while maintaining itself above 50 and 100-days Daily Moving Average.
• Carnival Corp. (NYSE: CCL) shares have been slipping over the daily time frame chart.

Carnival stock price has gained around 37% till now during 2023 while the CCL shares might revert back from this support. CCL shares after gaining 41% during the rally from December 2022 to January 2023 tested the resistance level of $11.25. Afterwards the CCL share price stuck inside the consolidation phase and escaped above the range inside the distribution phase. Carnival share price needs to revert back from the $11.10 support zone to sustain at the upper price range. CCL share price might rally if it breaks from $12.23 resistance level to reach $15. 

Carnival stock price was at $11.29 and has lost 2.67% of its market capitalization during Friday’s trading session. Trading volume can be seen below average during the Frday’s trading session and might increase during Tuesday’s trading session. 

All about Carnival Corp. (NYSE: CCL)     

Large American cruise line Carnival Corporation is based in Miami, Florida. It is the biggest travel and leisure corporation in the world, running nine different cruise lines with more than 100 ships and welcoming more than 12 million visitors each year.

Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, P&O Cruises, Cunard Line, AIDA Cruises, Costa Cruises, and Fathom are among the nine cruise brands offered by the firm. These companies provide a wide variety of cruise itineraries to places like the Caribbean, Alaska, Europe, Asia, Australia, and the Mediterranean.

Carnival Corporation has been involved in a number of issues in the past, including instances involving shipboard diseases and accidents as well as environmental and safety concerns. Yet, the business has taken measures to enhance its operations and safety requirements, such as spending money on new technology and putting in place stronger safety regulations.

Carnival stock price has been slipping after testing the resistance level of $12.23 over the daily time frame chart. CCL stock price needs to revert back from the support zone of $11.10 to reach the primary resistance level of $12.23. If the Carnival stock price manages to break out of the primary resistance level at $12.23 then it might rally to reach $15. 

Analysts speculate that Carnival share price might escape the consolidation phase to rally till $15 during 2023. Meanwhile, CCL share price has been trying to sustain at 20 and 200-days DMA while maintaining itself above 50 and 100-days Daily Moving Average.

Carnival Stock Price Technical Analysis

Carnival stock price needs to gather support to gain towards the primary resistance level to start its rally of 2023. CCL share price might rally maximum during 2023, adds analysts.

Technical indicators suggest the downside trend of Carnival stock price. Relative strength index showcases the downtrend momentum of CCL share price. RSI was at 52 and was heading towards neutrality for a breakdown. MACD exhibits the downside trend of Carnival stock. The MACD line is below the signal line after a negative crossover. Investors in CCL shares need to wait until the CCL stock price sustains and reverts from the support level.

Summary  

Carnival stock price has gained around 37% till now during 2023 while the CCL shares might revert back from this support. CCL shares after gaining 41% during the rally from December 2022 to January 2023 tested the resistance level of $11.25. If the Carnival stock price manages to break out of the primary resistance level at $12.23 then it might rally to reach $15. Technical indicators suggest the downside trend of Carnival stock price. Investors in CCL shares need to wait until the CCL stock price sustains and reverts from the support level.

Technical Levels

Support Levels: $11.10 and $10.50

Resistance Levels: $12.23 and $15.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.     

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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