Carnival Does Not Equal Party
- Posted by Greg Harmon
- on February 3rd, 2014
It does not seem to matter that the widespread sickness was on a Royal Caribbean Cruise ($RCL), Carnival Corporation ($CCL) stock is feeling some heat. In fact Monday it confirmed a Head and Shoulders Top. This is a bearish pattern and targets a price objective of at least 36.21, smack dab in the middle of the 100 and 200 day Simple Moving Averages (SMA). The price action Monday showed some strength around the 50 day SMA, forming a Hammer-like candle. But that needs to be confirmed higher Tuesday to be a reversal sign, and the broader view shows that the RSI is moving lower and so is the MACD. These support more downside. It does not seem unrealistic that it could retrace back to the prior break out zone. Are you read for a cruise lower?
Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through January 2014 Expiry and sign up here for the free 7 day trial before you pay.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
- SPY Trends and Influencers October 10, 2015
- Macro Week in Review/Preview October 9, 2015
- How This Week’s Top 10 Performed – October 9, 2015
- Opening a box of QQQ’s
- Is Estee Lauder stock reversal just putting lipstick on a pig?
- Premium Earnings 10-8-15
- The S&P 500 is talking, are you listening?
- Is Sinclair the next media stock darling?
- Premium Earnings 10-7-15
- Technically speaking, the move in Oil could be a gusher