NYSE:CCL Shows Potential for a Breakout.

A possible breakout setup was detected on CARNIVAL CORP (NYSE:CCL) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:CCL.

What is the technical picture of NYSE:CCL telling us.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, CCL scores 7 out of 10 in our technical rating. In the last year, CCL was one of the better performers, but we do observe some doubts in the very recent evolution.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• CCL is one of the better performing stocks in the Hotels, Restaurants & Leisure industry, it outperforms 86% of 133 stocks in the same industry.
• CCL is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so CCL is performing more or less in line with the market.
• Looking at the yearly performance, CCL did better than 90% of all other stocks. However, this relatively good performance is mostly due to a recent big move.

Check the latest full technical report of CCL for a complete technical analysis.

How do we evaluate the setup for NYSE:CCL?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CCL this score is currently 9:

CCL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 26.78. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 25.07, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:CCL

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.