$CCL Swing Trade AnalysisIn this post, I will be going in detail with regards to my view of $CCL from a technical perspective.
As of the time that I am writing this post, $CCL closed at $17.69 with a pre-market trading value of $17.75. Currently, I am bullish long-term on $CCL unless there are new developments that impact the fundamentals of the cruise industry negatively. I also have multiple entries on $CCL in which I averaged up to an average cost price of $16.02.
Technical Analysis
I believed that I have broken down the technical aspect of $CCL's chart quite clearly in the candlestick chart above, but just to add on a few things:
1. With regards to my price target, if an Ascending Triangle forms, I will take profit when $CCL breaks out towards the upside into the downtrend trading channel which I have drawn in the charts. From there, I may or may not re-enter a position. This will depend on how $CCL reacts to the channel.
2. With regards to my price target, if a Rising Wedge form, I will take profit when $CCL breaks out from the Rising Wedge towards the downside. However, because the downtrend that came before the Rising Wedge is a downtrend that was driven by COVID-19, a black swan event, it is likely that if market sentiments are bullish enough due to the wide availability of COVID-19 vaccines, positive news regarding the cruise industry, etc., prices could still break out towards the upside. As such, these require further monitoring.
3. However, if neither an Ascending Triangle nor a Rising Wedge form, where the market remains uncertain, I will likely hold my position while averaging up/down accordingly, PROVIDED that there are no fundamental changes towards the company and the industry itself.
Disclaimer
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
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