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Possible Bearish Inside Day Candle Pattern Detected for Carnival (NYSE:CCL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Carnival (NYSE:CCL) based on the price action in the company's shares. Yesterday's price range of $48.59 and $49.00 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Carnival may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Carnival (NYSE:CCL) has potential upside of 18.2% based on a current price of $48.65 and analysts' consensus price target of $57.52. The stock should run into initial resistance at its 50-day moving average (MA) of $49.48 and subsequent resistance at its 200-day MA of $50.34.

In the past 52 weeks, shares of Carnival have traded between a low of $40.52 and a high of $55.77 and closed yesterday at $48.65, which is 20% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, the United Kingdom, Germany, Southern Europe, South America and Asia/Pacific. The Company, through a subsidiary also owns and operates hotels and lodges.

SmarTrend is tracking the current trend status for Carnival and will alert subscribers who have CCL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Carnival

Ticker(s): CCL