- Shares of Carnival Corp. trade around Friday’s close below $16.00.
- Coronavirus concerns keep US markets under pressure on Friday.
Carnival Corporation (CCL) is seen struggling for direction in premarket activity, hovering around the $16.00 mark per share amidst a forecasted weak start of the session in Wall St.
CCL has been attempting to stabilize around $15.50 (55-day SMA) against the backdrop of a deteriorating perspective for the cruise sector, always as a consequence of the coronavirus pandemic and its impact on the leisure sector.
In the meantime, the travel-company remains well under pressure against the current backdrop of rising coronavirus fears, fresh outbreaks in Europe and Asia and following news that agency S&P downgraded the company’s credit rating to junk on the back of poor demand prospects for this year and the next one.
On the broader picture, US stocks benchmark indices S&P and DowJones are expected to open with modest gains while the tech reference NASDAQ is down smalls at the time of writing.
NYSE: CCL faces initial hurdle around $20.00
At the moment, CCL is losing 1.80% at $15.53 and a breach of $15.11 (monthly low Jun.25) would expose $11.00 (monthly low May 14) and finally $7.80 (2020 low Apr.2). On the other hand, the next up barrier aligns at $20.08 (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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