Carnival Share Price Still in Troubled Waters After Hitting Downgrade Price Target

The Carnival share price continued to trade in troubled waters nearly two weeks after Citi downgraded the company’s stocks. Citi had recommended the stock to be a “hold”, down from a previous “buy” recommendation. The investment bank also reduced its price target for the stock from $34 to $24.50. 

Since then, the Carnival share price has pursued an aggressive path to the downside, stabilizing around the Citi bank price target. The Carnival share price is down 0.6% on the day, on course for a 4th losing session. 

Carnival Share Price Outlook

The decline followed a price rejection at the 200-day moving average, just below the 25.27 price mark. This decline has taken out the 24.00 psychological support and aims for the 22.93 support as the immediate downside target. A further decline targets 21.41.

On the flip side, bulls need a recovery bounce, coming from the current ascending trendline. This bounce has to take out the 24.00 price mark and the 25.27 resistance (along with the 200-day moving average) to attain the 26.78 resistance barrier. Above this level, 27.96, 28.81 and 30.02 are additional targets to the north.

Carnival Corp: Daily Chart

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