CCL Stock Price: Carnival Corp regains the $17.00 mark and above

Shares of Carnival Corp. bounce off 3-week lows near $16.50.
US markets set to extend the positive streak on Tuesday.

Pablo Piovano FXStreet

Following four consecutive daily pullbacks - including fresh 3-week lows recorded on Monday - Carnival Corporation (CCL) is expected to open with decent gains above the $17.00 mark per share on turnaround Tuesday.

Indeed, the selling pressure around CCL has gathered extra pace in the second half of the month, extending at the same time the rejection from monthly peaks in the $25.30 area. The re-emergence of coronavirus concerns plus poor Q2 fiscal results have been all weighing on the sentiment surrounding the cruise company.

In line with CCL, US benchmark stock indices are prolonging the upbeat mood for yet another session, following their European peers on the way up on the back of rising hopes of a strong economic recovery.

NYSE: CCL stays offered below $20.00

At the moment, CCL is gaining 3.01% at $17.78 and faces the next hurdle at $21.17 (100-day SMA) followed by $25.28 (monthly high Jun.8) and then $29.87 (50% Fibo retracement of the 2020 drop). On the other hand, a breach of $16.54 (low Jun.22) would aim for $15.06 (55-day SMA) and finally $11.00 (monthly low May 14).

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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