CCL Stock Price: Carnival Corp wobbles below $16.00

Shares of Carnival Corp. trade around Friday’s close below $16.00.
Coronavirus concerns keep US markets under pressure on Friday.

Pablo Piovano FXStreet

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).

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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