CCL breaks below prior 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.
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.
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.
|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|
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