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Watch for Shares of Carnival (CCL) to Approach Resistance at $36.50

Published on Tue, 03/05/2013 - 10:42
By Adrienne Chilton

Shares of Carnival (NYSE:CCL) have bullishly opened above the pivot of $36.02 today and have reached the first resistance level of $36.32. Should the shares continue to rise, the resistance pivots of $36.50 and $36.98 will be of interest.

Carnival share prices have moved between a 52-week high of $39.95 and a 52-week low of $29.22 and are now trading 24% above that low price at $36.32 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.4%.

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.

Carnival has overhead space with shares priced $36.32, or 13.7% below the average consensus analyst price target of $42.08. The stock should find resistance at its 50-day moving average (MA) of $37.41, as well as support at its 200-day MA of $35.91.

By Adrienne Chilton
achilton@fnno.com