The charts of Carnival Corp. (CCL) have declined sharply in November. Let's check on the charts before casting off.
In this daily bar chart of CCL, below, we can see that prices made a sharp decline in June and July and another steep fall since late September. The 200-day moving average line has begun to turn lower and the 50-day line is in a well defined downtrend now.
The July low has been broken and traders have voted with their feet with heavier trading volume. The On-Balance-Volume (OBV) line is weak and tells us that sellers of CRL have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line in sell territory.
In this weekly Japanese candlestick chart of CCL, below, we see a bearish picture. Prices are in a downtrend as they trade below the declining 40-week moving average line. The weekly OBV line is pointed down and the MACD oscillator is bearish.
In this daily Point and Figure chart of CCL, below, we can see a potential downside price target in the $16-$15 area.
In this weekly Point and Figure chart of CCL, below, we can see an $8 price target.
Bottom line strategy: The charts of CCL are weak and taking on water. Avoid the long side of CCL.
