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- 1 Carnival stock price slumped over 9% in the last week.
- 2 Carnival share (NYSE: CCL) price slipped below the key moving average of 50 and 200-day EMA.
- 3 Carnival Corp. recently announced quarterly results on 29th September, outperforming all expectations.
Carnival Corp. stock price witnessed continuous selling pressure for the past three months when it attempted to break above the $20 level. The bears have dominated the short term and the price is experiencing a correction forming a declining parallel channel pattern.
The price trend analysis demonstrates that the Carnival stock price is showing an upward trajectory with some sort of correction in the past two quarters. The stock price bottomed out in December and started showing gains from the very start of the financial year 2023. Moreover, the stock price made one-way momentum after a golden cross was observed on the daily charts.
However, the current quarter isn’t profitable for Carnival stock investors as the CCL stock prices are down almost 30% in the past three months. However, the stock prices are up over 60% on a year-to-date basis indicating a strong uptrend prevailed.
Recently, the CCL company has delivered optimistic quarterly results outperforming the revenues by 14% and the earnings up by 2.19%. Despite this, the stock price could not gain the buyers and was maintained in the channel.
The Fibonacci analysis states that the stock price has reached 0.61% and is currently trying to sustain above it. The stock might turn around as 0.61% is the most crucial fib level to maintain. Moreover, the stock price is nearing the previous breakout zone from where the buyers may try to get into the game and turn the table in their favor.
However, the stock might remain under the control of sellers in the short term and decline more until it is maintained in the channel. The breakout of the channel may align the short-term trend with the long-term and the stock may again show gains to break above the $20 mark.
Carnival stock derivatives data analysis states that the current implied volatility in the market is 51.52% with a decrement of 1.71% in the last trading session. The at-the-money strike price has 3,922 open contracts on the PUT side and 2,37 open contracts on the CALL side indicating the dominance of buyers at the CMP.
Carnival Stock Price Forecast For 2023
The average analyst price target for Carnival stock in 2023 is $17.60, which represents a potential upside of 32.76% from the current price. However, there is a wide range of analyst price targets from $10.18 to $25.0. The most optimistic analysts believe that Carnival stock could reach $25.00 in 2023.
Technical Indicators Signal Neutral To Bearish Trend
The overall technical indicators including RSI and MACD opinion rating for the CCL stock is an 8% “sell” with the weakest short-term outlook on maintaining the current trend.
Conclusion
Carnival Corp. stock price has been falling in a channel pattern for three months after failing to break above $20. The long-term trend is still bullish as the price is up 60% year-to-date and the company reported better-than-expected quarterly results. The price is near a key Fibonacci level and a previous breakout zone, which could attract buyers and reverse the downtrend. The average analyst price target for 2023 is $17.60, with a high of $25.00. The stock needs to break out of the channel to resume the uptrend.
Technical Levels
- Support Levels: $12.34 and $11.04.
- Resistance Levels: $13.73 and $14.75.
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 or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
