Carnival Corporation(CCL) is a global cruise company that operates a portfolio of leading cruise lines.The company operates a diverse fleet of cruise ships, including the brands Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn. Additionally, Carnival Corporation has a strategic partnership with Costa Crociere, which allows the company to expand its reach into the European market.Carnival has been hit hard by the COVID-19 pandemic as it halted all cruises operation globally in 2020,and it still facing some restriction due to safety measures. As a result, the company’s revenue has decreased significantly. However, the company has announced plans to resume cruises in a phased manner, as the situation improves and it has also implemented various measures to mitigate the impact of the pandemic such as cost-cutting and by raising funds through various means.
Carnival stock has a total market cap of 12.58 Billion and has a negative EPS. It is currently down by more than 60% from its all time high.Various analysts are expecting a strong growth in the near future.
Bulls Are Ready To Take Charge
The weekly technical chart of the CCL stock suggests a consolidated trend in price. On the daily chart the asset price is trading near the value of $9 with a gain of 2.22%. The asset price has seen a strong bullish candle which suggests a strong momentum. CCL stock price is trading above 50 and 100 DMA. It has also seen a positive crossover which can push the asset price to a new high. Resistance of CCL stock price can be seen near $12.Meanwhile the support can be observed near $8.
Conclusion
Carnival Corporation has taken a big hit due to pandemic and can see a strong comeback soon. CCL stock price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$8
Major Resistance:$12
