CCL climbs to highest close since April 9th
Carnival Corporation (CCL) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CCL as at Apr 16, 2018):
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.