CCL climbs to highest close since March 25th
Carnival Corporation (CCL) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, CCL finished Tuesday at 54.80 gaining $1.06 (1.97%), significantly outperforming the S&P 500 (0.05%). Today's close at 54.80 marks the highest recorded closing price since March 25th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CCL as at Apr 16, 2019):
Tuesday's trading range has been $1.05 (1.95%), that's slightly above the last trading month's daily average range of $0.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CCL.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 55.02 (R1).
While the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Carnival. Out of 35 times, CCL closed lower 54.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.43% with an average market move of -1.17%.