- Shares of Carnival Corp. are down nearly 10% to the $18.00 region.
- US markets set to open deep into the red territory on Monday.
Carnival Corporation (CCL) is fading Friday’s strong gains and is expected to open near the $18.00 mark on Monday, shedding around 10% amidst the continuation of the selling bias in the risk universe.
Indeed, coronavirus fears continue to hurt markets at the beginning of the week amidst rising concerns over the probability of a second wave of contagion. Also adding to the sour sentiment, infected cases in the US are no giving any signs of abating so far and are undermining at the same time any progress made so far towards the re-opening of the economy.
Against this backdrop, CCL is seen sharing the same fate as the rest of its peers in the travel and retail sectors.
NYSE: CCL stays offered near $18.00
CCL will open Monday’s session in multi-day lows around the $18.00 mark, where coincide a Fibo level of the 2020 drop.
At the moment, CCL is retreating 9.61% at $18.06 and a breach of $16.75 (low Jun.11) would aim for $15.00 (low May 22) and finally $14.37 (55-day SMA). On the other hand, the next up barrier is located at $22.90 (100-day SMA) followed by $25.28 (monthly high Jun.8) and then $29.87 (50% Fibo retracement of the 2020 drop).
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