Carnival shares break out and sail north
A local trend has caught the eye of independent analyst Alistair Strang and, thankfully, this cruise company's share price is heading in the right direction.
16th October 2024 07:14
by Alistair Strang from Trends and Targets
Here in Argyll, we see cruise ships arriving locally at Greenock. In 2024, I've seen record numbers of Carnival (LSE:CCL) cruise ships visiting the town across the estuary from us and, perhaps in celebration of this, Carnival share price has finally wandered above their Blue downtrend since 2017.
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So, if optimism is indeed to be the order for the future, we should now look positively at Carnival share price potential.
First, panic shall be justified if the share price opts to close below 1,381p, something which is visually unlikely.
Instead, above 1,490p now looks capable of promoting a lift to an initial 1,560p with our secondary, if beaten, calculating at a useful 1,766p.
Historically, 2021 saw the share price stall at such a secondary level and we’d have every suspicion this shall happen again, causing some stutters in a rising cycle.
However, current price movements allow us to propose a third level ambition if the price closes above this secondary of 1,766p, as it opens the door for a future attempt at 2,718p.
If things intend to go wrong, below 1,381p looks troubling, allowing for price reversals to an eventual 694p.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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