Carnival Corp. (CCL) has yet to find a safe port (read support) on the charts. CCL was downgraded to a hold recommendation by TheStreet's Quant Ratings service Tuesday, but the charts look weaker than that to me.
Let's check out the charts and maybe leave our luggage at home for now.
In the daily bar chart of CCL, below, we can see that prices have been in decline the past 12 months and in a more serious decline since the middle of January. Prices are below the declining 50-day moving average line and the declining 200-day moving average line.
Trading volume has been heavier since the middle of December telling us that traders and investors are voting with their feet. The daily On-Balance-Volume (OBV) line has fallen to a new low for the move down indicating that sellers of CCL have been more aggressive.
The 12-day price momentum study in the lower panel is not showing us a bullish divergence as the decline has not slowed.