- Carnival Stock Price (NYSE: CCL) up by 22% on a monthly basis.
- CCL Stock Price sustains above both EMA and prepares for golden crossover.
- Carnival Corp (NYSE: CCL) scheduled quarterly earnings on June 22, 2023.
Carnival Stock Price (NYSE: CCL) up by 22% on a monthly basis and racing towards the 52 week high. It formed a double bottom pattern inside the wide range of consolidation which shows signs of the base formation.
CCL Stock price took support near $8.00 and showed a decent recovery which created a positive hope for the long term investors. The price is continuing the recovery by forming higher high swings and also breakout of the neckline hurdle of double bottom pattern.
Carnival Stock holds the price above the 50 and 200 day EMA shows the trend is reversing in upward direction. It seems like EMAs are preparing for the golden crossover. The golden cross will surely boost the confidence of the long term investors.
The next quarterly earnings of Carnival Corp is scheduled on June 22, 2023. Market analysts estimated an EPS of $-0.348 and revenue estimates are $4.775 Billion. If Carnival Corp succeeds to meet the estimates then the stock might rally to $14.00 and the probability of $12.00 breakout will also increase.
However, if the company fails to meet estimates and disappoints in earnings then stock may take a reversal in downward direction. Carnival Stock Price (NYSE: CCL) closed the previous session at $11.28 with an intraday rise of 2.55%. The market capitalization at $14.01 Billion.
Will Carnival Stock surprise investors ahead of Earnings?
Carnival Stock showed a surprising rally from the recent swing low at $8.72 and up by 41% on YTD basis. It shows that investors are gaining confidence and buyers are returning back to track.
CCL stock price looks overstretched and also near overbought territory. Therefore, stock prices might consolidate for some time in a narrow range before deciding the further direction.
The next phase of rally in the CCL Stock will trigger when buyers succeed to break the $14.00 hurdle. If the buyers hold the price above $10.00 the presence of active buyers will be visible.
Else if price dropped below the $10.00 then sellers will try to pull the prices down and erode the gains. The technical analysis suggests CCL stock price is soaring and preparing for a big up-move or down-move ahead of earnings.
CCL Stock Price: Technical Outlook
CCL Stock Price is forming a bullish hammer candle on a weekly time frame which shows strength. The broader market index Dow Jones and Nasdaq Composite is also turning bullish and breakout is possible. Therefore, if the broader market performs the Carnival stock might perform as well.
The MACD curve rising upward has generated a positive crossover. It indicates bullish momentum is likely to continue for some more time. The Relative strength Index curve is at 62 sloping north denotes strength and more room for upside is open.
Conclusion
Carnival Stock Price (NYSE: CCL) up by 22% on a monthly basis and forming a bullish continuation pattern. CCL stock price is in recovery mode and might display a golden crossover in coming weeks. Technical analysis suggests Carnival Corp stock is soaring ahead of earnings and the possibility of $12.00 breakout is high.
Technical levels
Resistance levels: $12.64 and $14.18
Support levels: $8.35 and $6.00
Disclaimer
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