CCL Stock Price: Carnival Corp plummets to the $17.00 area

Shares of Carnival Corp. are dropping to the $17.00 region.
New coronavirus concerns hurt the sentiment among traders.

Pablo Piovano FXStreet

Carnival Corporation (CCL) is navigating in multi-day lows in the $17.00 region in the second half of the week, coming under heightened downside pressure for the third session in a row.

In fact, and after reaching 3-month tops beyond $25.00 earlier in the week, renewed jitters surrounding the coronavirus pandemic motivated sellers to step in and take control of the market’s sentiment. In addition, the broad-based offered bias is also fuelled by further evidence of the deterioration of the US labour market (as per weekly Claims) and the Fed’s view that the recovery could take longer than forecasted.

NYSE: CCL weaker, focused on COVID-19

CCL is shedding further ground following Monday’s tops, area coincident with a Fibo retracement (of the 2020 drop) and the proximity of the 100-day SMA.

At the moment, CCL is down 15.69% at $17.35 and faces the next support at $15.00 (low May 22) seconded by $14.22 (55-day SMA) and then $11.00 (monthly low May 14). On the upside, the initial barrier emerges at $25.28 (monthly high Jun.8) followed by $29.87 (50% Fibo retracement of the 2020 drop) ahead of the 200-day SMA, today at $34.61.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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