CCL has been languishing for several years, occasionally making a spike in price before falling back. Elliott Wave suggests price has started to move up on a Wave 3, the longest and strongest rising wave in a price cycle. Coming off a long term low the potential for prices to rise strongly is quite high, especially after the March retest of the earlier Wave C low. Price is making higher troughs and higher peaks on a weekly chart and as of last week, confirmed a new uptrend and uptrend line (which price is above). Price made a flag pattern (the triangle bounded by the blue dotted line and the black uptrend line. Price broke above this pattern giving a target of $11.00. Price continued to rise to close above resistance at $9.90 - which coincidentally also showed a target of $11.00. I see CCL as a long-term trade potential.

CCL 9Oct2020

 

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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