CCL closes higher for the 3rd day in a row
Carnival Corporation (CCL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CCL ended Thursday at 17.82 gaining $2.27 (14.6%) on high volume, strongly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 17.07, the stock confirmed its breakout through the prior session high after trading up to $2.07 above it intraday.
Daily Candlestick Chart (CCL as at Mar 26, 2020):
Thursday's trading range has been $4.09 (26.39%), that's above the last trading month's daily average range of $3.23. 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. The last time a White Candle showed up on February 28th, CCL actually lost -1.20% on the following trading day.
Prices are trading close to the key technical resistance level at 20.20 (R1).
Although the market 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 three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Carnival. Out of 173 times, CCL closed higher 52.60% 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 56.07% with an average market move of 0.36%.