Carnival corporation has been in a huge rally but lately we can see some signs of fatigue that we cannot ignore.
TECHNICALLY OBSEEVATIONS 1.CCL stock seems to respect well the 1,618 Fibonacci extension as you can see it moves at those levels after every pulback.(I didn't do it for every pull back to keep the chart clean but you can try it,it works almost for every swing) 2.We can see also bearish divergence in MACD strategy and price levels. 3.We have also RSI bearish divergence. 4.We can see also that the hidden bullish divergence we had at STOCHASTICS now is not existing as price and stochastics made both higher highs.That's a sign bulls are losing strength. 5.We can also notice that the top trend line of the ascending channel coincides with the 1,618 Fibonacci extension of the last pull back.
POSSIBLE TRADE BUY STOP AT 67.70$ ENTRY PRICE WITH PENDING ORDER AT 66$ FIRST TARGET T1 AT 63.50$ SECOND TARGET T2 AT 60$
More basic reason: Trump rescinding Obama's relaxation of U.S.-Cuba travel restrictions, so no more Carnival cruises to Havana ... .
The_Greek_Trader
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@NaughtyPines, Nicely mentioned i always combine fundamentals with techniclas for better results.Another reason is the dropping price of LNG that will have a negative impact soon.But i stayed on the thechnicals here not to get the reader tired leaving the hard work to me..lol
Thank you for your nice comment.