Home
News
- Carnival Stock price is up by 39% on YTD basis
- Carnival Corp (CCL) stock price formed a double bottom bullish reversal pattern
- Carnival says it plans to expand European offerings in 2024
Carnival Stock price (NYSE: CCL) has gained 39% on the YTD basis and shown a surprising recovery in the past few months which has grabbed the attention of the long term investors.
The cruise industry is rapidly recovering and Carnival Corp also seems to be equally participating in the recovery which is clearly visible in quarterly earnings. In the November 2022 quarter, the Company reported EPS of $-0.85 vs estimated $-0.883 and revenue reported -$3.839 billion vs -$3.931.
Carnival Corp succeeded to beat the EPS estimate by 3.72% which has shown initial signs of recovery in the financials. However, the Analyst expects the next quarter earnings to be far better and revenue may hit $4.313 billion.
Carnival Corp said that it plans to expand its offering for the seasonal European trips in 2024. The company also added that reservations are open for the 17 cruises to destinations in Europe abroad and European trips will start with a cruise from Baltimore, Maryland in April 2024. This type of trip will definitely help a lot to increase the revenue as it will bring a huge chunk of cash into the company.
Carnival Stock price forming a long term base?
In the beginning of January, Carnival stock took U-turn form $7.50 and managed to push the prices above the 50 day EMA which has triggered the positive sentiment and prices shot up 45% approx in the short period of time.
Meanwhile, the CCL stock bulls have also tried to break out of the 200 day EMA to reverse the positional trend in the upward direction but unfortunately prices took halt at $12.64 and failed to give the follow up momentum. Therefore, $12.64 will act as an immediate hurdle for the bulls and if prices slipped below the 50 and 200 day EMA then it might create trouble for the short term bullish traders.
Carnival Stock (NYSE: CCL) technical indicators like MACD had generated a negative crossover but the curve is sloping sideways indicating prices are expected to consolidate for some more time. The RSI at 51 denotes the balance between bullish and bearish positions.
Conclusion
Carnival Stock price has performed well in the past few months and up by 39% on YTD basis. Presently, CCL stock seems to be stuck into the range and bulls were trying to keep the prices above both the EMAs. The technical analysis suggests that Carnival stock will pick up the momentum if it breakout of the $12.64 hurdle level, till then it is expected to remain range bound.
Technical levels
Resistance levels : $12.64 and $15.00
Support levels : $10.00 and $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
