I last reviewed the charts of Carnival Corp ( CCL) on May 17. At that time, I said that "... you might consider booking a long position in CCL risking to $8. The $21 area is my price target for now. Add to longs above $12."
The price of CCL has surged higher in recent days so let's review the charts again.
In the daily bar chart of CCL, below, I can see that the shares have been strong since early May. CCL broke above $12 so I will assume that traders added to long positions. The slopes of both the 50-day moving average line and the 200-day moving average line have turned positive.
The daily On-Balance-Volume (OBV) line has been strong and tells me that buyers of CCL have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of CCL, below, I see a bullish chart picture. The shares are above the rising 40-week moving average line.
The OBV line continues to show strength. The MACD oscillator is slightly above the zero line.
In this daily Point and Figure chart of CCL, below, I can see a price target in the $21 area.
In this second Point and Figure chart of CCL, below, I used weekly price data. Here I can see a $27 price target.
Bottom-line strategy: Traders who went long CCL in May and added to longs at $12 should continue to hold those positions. Raise stops to $11. $21 and $27 are my price targets now.
