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.
__
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.