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Carnival Stock Needs To See A Bounce At Support

September 3, 2021 2:32 pm
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Carnival Stock Needs To See A Bounce At Support

Carnival Corp (NYSE:CCL) shares are trading lower Friday alongside other stocks in the cruise ship sector. Shares are likely trading as such because COVID-19 delta variant concerns have been rising throughout the U.S.

Carnival was down 4.25% at $23 at last check Friday.

Carnival Daily Chart Analysis

  • The stock has been trading higher along a trendline up toward a resistance level that previously held as support, in what technical traders call an ascending triangle pattern.
  • The $25 price level held as resistance before breaking above the level and holding it as support for a time. Support was later broken and now may act as resistance again. The stock has been able to hold above the higher low trendline, acting as a place of support for the stock.
  • The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is likely facing a period of bearish sentiment.
  • Each of these moving averages may hold as a potential area of resistance in the future.
  • The Relative Strength Index (RSI) has been moving sideways the past few weeks and sits at 47. This shows that buyers and sellers in the stock have been relatively equal, with slightly more sellers.

ccldaily9-3-21.png

What’s Next For Carnival?

Bullish traders want to see the stock be able to hold above the higher low trendline and then break above the $25 mark. A break above this level could bring about a further bullish push in the future.

Bearish traders are looking to see the stock drop below the higher low trendline for a possible change in trend. Bears would also like to see the RSI fall toward the oversold area starting at 30.

Photo: Courtesy Carnival

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