The cruise lines are moving well today following positive news regarding the industry.
Shares of Carnival (NYSE:) Corporation (NYSE:) are trading at new May highs with the help of today’s solid gain. The stock has been rather volatile since its April 7 .
The rally this week has pushed shares back up to the upper band of the post earnings consolidation. CCL is now well below overbought levels despite sitting very close the the 2021 highs. We believe the stock is set up well for more upside. A close above $29.30 would be its best weekly close of the year. CCL closed out its earnings week (4/9) at this level.
On the downside, a close back below $26.00 would violate last week’s low, sending a clear warning sign that more sideways action is ahead.
Note: We are long CCL in our Tactical Opportunity Portfolio.
You can read Gary S. Morrow’s original post here.
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