CCL Daily chart:
➣ CCL has formed a new LH and LL - marking the start of a new downtrend.
➣ If it can't reclaim the 16-level and close above the AVWAP from its IPO, then we will most likely see a retest of the 15-level.
BUT... 👇
Make sure to monitor
RCL price action - it has earnings in two days. ➢ RCL has also formed a new LH - the recent upward leg couldn't capture a new high.
RCL - daily chart:So, if RCL misses the earnings estimates, and its price drops, then CCL will follow.
RCL - if it fails to reclaim 124 and close above 20ema on the daily timeframe, it will most likely retest 115. If 115 fails to hold, then 109.__
CCL - on the weekly timeframe, we have a bearish engulfing candle with increased selling volume.Weekly chart:
➢ If it fails to reclaim the 16-level, the weekly candle will close below the 20ema and accelerate the selloff.
➢ If it fails to hold the 15-level, then it may retest 14 support which aligns with 0.618 GP level.
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But if the price bounces back and we get a daily close above 16.50, then I'd wait for more price action as 20ema would be very close.
We need to see whether the price rejects 20ema or reclaims it.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.