CCL stock price took a reversal from the level of $19.53 and headed downward. The price currently requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous high points and some key moving average levels. Sellers are pulling the price action into their grasp, according to the candlestick patterns.
Currently, Carnival Corporation shares require an influx of buyers to drive an upward movement toward recovery. Nevertheless, there’s an observed low trading volume. Simultaneously, Carnival Corporation shares have descended beneath the 20 and 50 daily moving averages.
Carnival Corporation’s stock price fell -8.94% last week; it declined by -15.68% throughout the month. However, CCL shares’ yearly performance is good. It gave 39.57% growth within the past six months and an increase of 47.63% over the past year.
Additionally, the CCL share price has jumped by approximately 89.20% year-to-date. These trends collectively indicate that CCL stock is in the correction phase right now after giving excellent returns throughout the year.
Technical indicators suggest the downside trend of Carnival Corporation’s stock price. Relative strength index showcases and moving average convergence divergence both indicate the slippage of Carnival Corporation’s share price.
The CCL price may soon attempt to make a bullish recovery. However, as it is trading below the key levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.
On the daily charts, Carnival Corporation stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts. Moreover, the price dropped below the 23.60% Fib level, heading toward the 50% Fib level and near the lower Bollinger band.
Overall, the technical indicators and price action suggest that Carnival Corporation stock is bearish and that the downtrend may continue.
Technical Overview of Carnival Corporation Stock
At the time of publishing, Carnival Corporation stock (NYSE: CCL) is trading below the 20 and 50-day exponential EMAs (Simple moving averages), which are not supporting the price trend.
The current value of RSI is 34.99 points. The 14 SMA is above the median line at 46.81 points which indicates that the Carnival Corporation stock is bearish.
The MACD line at -0.3012 and the signal line at 0.0116 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the CCL stock price.
On the 4 hours chart frame, CCL stock has shown sellers’ strength, and profit booking in the stock was noted on the short-term charts. Moreover, the price broke the 20 and 50-day EMA, which is a clear indication of bearish sentiments around the stock.
The RSI curve is near the oversold region at 24, and a bearish cross was noted, indicating bearishness in the stock.
The MACD indicator also persisted to form red bars, and a bearish crossover was noted, which signals strong bullish moves.
Summary
Carnival Corporation (NYSE: CCL) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the CCL stock price. Carnival Corporation’s price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: $13.88 and $12.61
- Resistance Levels: $19.53 and $17.10
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
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.
Source: https://www.thecoinrepublic.com/2023/08/21/ccl-price-forecast-will-carnival-continue-to-decline-further/