Carnival Stock: CCL Stock Price Prepares to React to Earnings

Carnival stock price down 11.76% on a weekly basis ahead of the Fiscal Quarter Feb 2023 Earnings report.
CCL stock price slipped below the 50- and 200-day EMA indicating downtrend.
Carnival Corporation (NYSE: CCL) is set to release its quarterly earnings report on March 27, 2023.

Carnival stock price fell by 11.76% on a weekly basis and formed a double top bearish pattern indicating weakness. CCL stock price had rejected the 200 day EMA and also slipped below the 50 day EMA showcase downtrend. However, the prices are near the support zone and quarterly earnings are scheduled next week which might help the bulls in the short term.

Carnival stock price (NYSE: CCL) closed the previous session at $8.55 with a decline of 5.32%. Market capitalization stands at $10.63 billion. At the beginning of January, CCL stock managed to push the price above the 50-day EMA which turned the short term trend in upward direction. Later, CCL stock price began to rise upward by forming higher high candles and prices rallied around 40% in one month.

CCL stock also broke out of the 200 day EMA creating hopes that the uptrend would continue. However, the rally halted at $12.65 where the bulls failed to give the follow up momentum. At the beginning of February, CCL stock price consolidated for a few weeks in the narrow range between $10.00 to $120.00 in hope of upside expansion. Later, in March, overall market sentiment turned negative; CCL stock slipped below the lower range which invited the further selloff.

Will Carnival Stock Price See Rebound After Earnings?

Carnival stock price is currently down by 30% form the recent peak and does not show any signs of recovery. However, the prices are approaching the $7.57 level which might act as an immediate support level for the bullish traders. On the other hand, if the price drops below the $7.57, then the bears may try to pull prices towards the yearly lows.

CCL Stock Price is Oversold?

CCL stock price seems to be entering into the oversold zone. The MACD had generated a negative crossover indicating the bearishness will continue for some time. The RSI at 28, entered the oversold zone indicating that it may trigger a short term relief rally from the lower levels.

Carnival Corporation (NYSE: CCL) is set to release its next fiscal quarter earnings report on March 27, 2023. Many analysts estimated an EPS of -$0.60 and estimated revenue of $4.32 billion. Therefore, if the company meets analysts’ estimates, then a short term rebound may be expected in CCL stock price.

Conclusion

Carnival stock price is down by 11% on a weekly basis ahead of quarterly earnings report release and all lost its previous gains. CCL stock formed a double top bearish pattern and is trading below the 200 day EMA indicating a downtrend. However, Quarterly earnings are scheduled next week and if Carnival Corporation’s earnings report meets analysts’ estimates, a short term rebound may be expected.

Technical levels

Resistance levels : $11.00 and $12.65

Support levels : $7.57 and $6.13

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 assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing