$CCL - watch this closely, alongside $RCL

Carnival CorporationNYSE

Description

⋅ Jan 29, 2024 12:02 PM

NYSE:CCL

Daily chart:

➣ CCL has formed a new LH and LL - marking the start of a new downtrend.

➣ If it can't reclaim the 16-level and close above the AVWAP from its IPO, then we will most likely see a retest of the 15-level.

BUT... 👇

Make sure to monitor NYSE:RCL price action - it has earnings in two days.

➢ RCL has also formed a new LH - the recent upward leg couldn't capture a new high.

NYSE:RCL - daily chart:

So, if RCL misses the earnings estimates, and its price drops, then CCL will follow.

NYSE:RCL - if it fails to reclaim 124 and close above 20ema on the daily timeframe, it will most likely retest 115. If 115 fails to hold, then 109.
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NYSE:CCL - on the weekly timeframe, we have a bearish engulfing candle with increased selling volume.

Weekly chart:

➢ If it fails to reclaim the 16-level, the weekly candle will close below the 20ema and accelerate the selloff.

➢ If it fails to hold the 15-level, then it may retest 14 support which aligns with 0.618 GP level.
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But if the price bounces back and we get a daily close above 16.50, then I'd wait for more price action as 20ema would be very close.
We need to see whether the price rejects 20ema or reclaims it.