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- Carnival stock price has seen a fall of more than 62% due to the pandemic and is currently on an upside path
- Technical indicators are currently favoring a strong upside trend. It is currently trading near $9.68
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
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
