CCL closes lower for the 3rd day in a row
Carnival Corporation (CCL) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, CCL finished Thursday at 49.45 losing $0.43 (-0.86%), underperforming the S&P 500 (0.11%). Trading up to $0.90 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on January 13th, CCL gained 1.72% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CCL as at Jan 23, 2020):
Thursday's trading range has been $1.48 (3.02%), that's far above the last trading month's daily average range of $0.82. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CCL.
One bullish candlestick pattern matches today's price action, the Hammer.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for Carnival. Out of 25 times, CCL closed higher 72.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 68.00% with an average market move of 1.29%.