CCL climbs to highest close since April 9th


Carnival Corp. (CCL) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
CCL runs into sellers around 64.30 for the third day in a row
CCL unable to break through key resistance level
CCL rises to highest close since April 9th
CCL stuck within tight trading range
CCL closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

CCL ended Monday at 64.08 gaining $1.14 (1.81%). Today's closing price of 64.08 marks the highest close since April 9th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for CCL
Volatility

Monday's trading range was $0.75 (1.18%), that's far below last trading month's daily average range of $1.67. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 62.74 and 64.44 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Unable to break through the key technical resistance level at 64.25, the share closed below it after spiking as high as 64.30 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market ran into sellers again today around 64.30 for the third trading day in a row after having found sellers at 64.40 in the previous session and at 64.44 two days ago.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 62.74 where further sell stops might get triggered. As prices are trading close to April's high at 65.92, upside momentum could speed up should CCL mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Carnival Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CCL breaks key support level

Jul 20, 2018
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