CCL stock price failed to sustain the high of $20 and reversed its direction, resuming the downtrend that indicates further weakness in the market. The stock is trading below the dynamic support trendline, which could lead to more downside. The market is also in a downtrend on a larger time frame as it is creating lower lows.
CCL has been falling from its peak levels, forming lower-low structures. It is in a bearish trend after breaking below the 50-day and 200-day moving averages. The bearish pressure could push Carnival to form a new lower low soon and extend the downtrend.
The current situation requires traders and investors to be patient and wait for a clear signal of a break above or below the range before making any moves. They should also avoid FOMO and minimize losses.
CCL stock price fell by 6.00% last week. It declined by 16.57% through the month. Furthermore, Carnival shares experienced a hike of roughly 24.53% within the past six months and an increase of 83.91% over the past year.
Additionally, the Carnival share price has slipped by approximately 54.00% year to date. These trends collectively highlight the challenges faced by CCL shares recently.
Technical Analysis of CCL Stock Price in 1-D Time Frame
At the moment, CCL stock (NASDAQ: Carnival ) was below the 50 and 200-day EMAs (exponential moving averages), which do not support the price trend. If bulls want to make a comeback, they will have to rise and sustain the price above the 200-day EMA. However, the sellers seem to be more aggressive than buyers.
The current value of RSI is 30.30 points. The 14 SMA is above the median line at 32.15 points which indicates that the CCL stock is bearish.
The MACD line at -0.7267 and the signal line at -0.6542 are below the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the Carnival stock price.
Analysts Take
There is a strong buy opinion among 24 analysts who follow CCL stock. Almost 12 of them rate CCL as a ‘Strong Buy,’ while 3 give it a ‘Buy’ rating. 7 analysts recommend holding the stock, and 1 of them advises selling it. Only 1 of the analysts has a ‘Strong Sell’ rating for CCL.
CCL stock has an average price target of $17.41, which implies a potential increase of 37.23% from its current price of $12.69. The price targets vary from a high of $25.00 to a low of $10.18.
Summary
CCL stock price prediction suggests a bearish in the chart. The sellers are dominating on the higher levels. CCL (NASDAQ: Carnival) technical oscillators support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Carnival stock price. CCL Price action suggests that the investors and traders are bearish on the 1-D time frame. Technical analysis suggests that the CCL stock price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
Support Levels: $11.57 and $10.00.
Resistance Levels: $13.70 and $14.90.
