CCL breaks below prior session low

Carnival Corporation (CCL) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (CCL as at May 17, 2018):

Daily technical analysis candlestick chart for Carnival Corporation (CCL) as at May 17, 2018

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.

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

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

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.

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

Market Conditions for CCL as at May 17, 2018

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