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Chart of the Day: Carnival Pushes a Key Level

Carnival has been stuck in the doldrums since last summer, but now some traders may think it’s ready to cruise higher.

The first pattern on today’s chart is Friday’s last price of $12.18. While the level was slightly below February’s peak, it was the highest weekly close in a year. That could make traders expect a breakout if CCL manages to inch further upward.

Second, there could be …

For more, please click here to view the related idea and chart analysis on TradingView.

Carnival (CCL), daily chart with selected patterns and indicators, courtesy of TradingView.
Tags: CCL

About the author

David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.