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June 13 Chart of the Day - Carnival Cruise Lines

Carnival Cruise Lines (CCL) stock price seems to have set sail with two recent analyst upgrades from JP Morgan and Bank of America but will the cruise line operator's soaring stock price sink again?

For this chart we zoom all the way out to the monthly view to see just how far the stock has fallen during the past 5 years from its $72.70 all time high. The global pandemic all but crippled its business as the stock fell to nearly $6 in October 2022.

But since then the price has more than doubled to yesterday's close of $14.72 where it could possibly meet some overhead technical resistance around the $15 mark.

Can the stock keep making a series of higher highs and higher lows since bottoming out?  If price were to pull back traders and investors may be interested in entering or adding to their positions around the $9 -11 mark.

And if price were to continue sailing upward and onward $17 - $21 are decent upside targets for now.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

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