CCL Stock Appears to Have Lost Strength As The Weekend Nears

• 1 CCL Stock rose around 14% this week.
• 2 Travel and tourism industry is still recovering after the pandemic blow.

Cruise operators may see some positive signs in the market as Bank of America (NYSE: BAC), a multinational investment bank, recently said that consumer spending has been rising for the past few months. Carnival Corporation (NYSE: CCL) was experiencing a similar growth recently. However, CCL stock fell by almost 1.5% at the time of this publication.

Global Consumer Spending May Alleviate Cruise Stocks

According to Benzinga, increased consumer spending is important as many stocks in the industry have lost between 40% and 80% during the pandemic. Few organizations including Royal Caribbean Cruises (NYSE: RBL) and Lindblad Expedition Holdings (NASDAQ: LIND) have regained the momentum. But many are yet to find a way uphill.

Recently, Carnival Corporation reported that they have acquired 37,943 ordinary shares of Carnival plc. Highest price paid per share remains $9.44. The announcement highlighted that these shares will not have the voting power for the time the company is holding them.

The company is well aware of their moral duties apart from the business. A couple of days ago, they reported that Carnival Dream, their lead ship in the fleet, saved 17 people stuck in Belize Channel. The crew immediately contacted Belize Coast Guard of the situation and recovered all people.

Forbes, an American business magazine, named the company as one of the Best Employers for Diversity for the fifth consecutive year. The organization’s global chief human resources officer said that they celebrate their diverse manpower of over 150K employees globally. She added Carnival Corporation will keep the environment welcoming and more inclusive.

CCL Stock Price Action

CCL stock entered a positive momentum during the week’s beginning. However, the uprising appears to be momentary considering the shares have started to fall in the market already. Price was changing hands at $11.00 at the publication time, down by 2.48% since yesterday’s close.

Bollinger bands have started to stretch at the moment, indicating potentially high volatility in coming days. Moreover, CCL stock has again reached March 2023 resistance levels. A breakout may occur considering buyers are still active according to moving average convergence divergence (MACD).

Travel and tourism market is still under recovery after the pandemic blow. Reuters reported that nations including Spain, Italy, Portugal and more may see record bookings as global restrictions are lifted. In countries like Greece, the market accounts for around 20% of gross domestic product (GDP). Additionally, several consumers want to catch up on lost time during the covid. Around 6 Million Chinese tourists are expected to visit Europe after the country lightened traveling limitations.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.