CCL breaks below prior session low


Carnival Corp. (CCL) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
CCL breaks key support level
CCL dominated by bears dragging the market lower throughout the day
CCL breaks below 50-day moving average
CCL breaks below previous session low
TQ Sentiment
Report Sentiment: 83% Bearish
Technical Forecast:
Overview

CCL ended Thursday at 64.82 losing $0.64 (-0.98%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 65.11, the market confirms its breakout through the previous session's low having traded $0.54 below it intraday.

Daily chart for CCL
Volatility

Thursday's trading range was $1.01 (1.54%), that's slightly below last trading month's daily average range of $1.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

Despite a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Breaking below the key support level at 65.15 today, it is now likely to act as resistance going forward.

Trend

While the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. Carnival Corp. broke below the 50-day moving average at 65.07 today for the first time since February 27th.

Order Flow

Buying might speed up should prices move above the close-by swing high at 66.00 where further buy stops could get triggered.

Conclusion

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

Market Conditions for Carnival Corp.
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CCL pushes through key resistance level

Aug 17, 2018
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