Carnival Pushes a Key Level

2023년 6월 5일

Carnival has been stuck in the doldrums since last summer, but now some traders may think it’s ready to cruise higher.

The first pattern on today’s chart is Friday’s last price of $12.18. While the level was slightly below February’s peak, it was the highest weekly close in a year. That could make traders expect a breakout if CCL manages to inch further upward.

Second, there could be signs of longer-term bottoming since last summer. The stock initially held its pandemic levels from March 2020 before proceeding to a new multidecade low near $6. It then made a series of higher monthly lows (marked in blue).

Third, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in February and has remained there since.

Finally, the debt ceiling has been resolved. Federal Reserve officials like Patrick Harker and Phillip Jefferson have also spoken in favor of leaving rates unchanged next week. That kind of macro environment may favor leveraged cyclicals like CCL.

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