Carnival Pushes a Key Level
Carnival has been stuck in the doldrums since last summer, but now some traders may think it’s ready to cruise higher.
The first pattern on today’s chart is Friday’s last price of $12.18. While the level was slightly below February’s peak, it was the highest weekly close in a year. That could make traders expect a breakout if CCL manages to inch further upward.
Second, there could be signs of longer-term bottoming since last summer. The stock initially held its pandemic levels from March 2020 before proceeding to a new multidecade low near $6. It then made a series of higher monthly lows (marked in blue).
Third, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in February and has remained there since.
Finally, the debt ceiling has been resolved. Federal Reserve officials like Patrick Harker and Phillip Jefferson have also spoken in favor of leaving rates unchanged next week. That kind of macro environment may favor leveraged cyclicals like CCL.
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The first pattern on today’s chart is Friday’s last price of $12.18. While the level was slightly below February’s peak, it was the highest weekly close in a year. That could make traders expect a breakout if CCL manages to inch further upward.
Second, there could be signs of longer-term bottoming since last summer. The stock initially held its pandemic levels from March 2020 before proceeding to a new multidecade low near $6. It then made a series of higher monthly lows (marked in blue).
Third, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in February and has remained there since.
Finally, the debt ceiling has been resolved. Federal Reserve officials like Patrick Harker and Phillip Jefferson have also spoken in favor of leaving rates unchanged next week. That kind of macro environment may favor leveraged cyclicals like CCL.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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