Carnival Corporation Share Price Forecast July 2021 – Time to Buy CCL?
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Shares of tour operator company Carnival Corporation (NYSE: CCL) are in the green today after it restarted operations after a long break during the Covid-19 pandemic. Investors are wondering if it is a good time to purchase CCL shares.
Carnival Corporation – Technical Analysis
The financial statement of Carnival Corporation reveals that the company has a market cap of $25.736B with total assets worth $55.064B. The revenue of the company was $5.59B in 2020 compared to $20.82B in 2019. The market was closed on July 21 at $23.19 with an uptrend of 9.44%.
The technical information of CCL offers more insight. Moving Averages such as Exponential Moving Average (20)(24.00), Simple Moving Average (20)(24.39), Volume Weighted Moving Average (20)(23.70), and Simple Moving Average (30)(25.93) are pointing towards a sell action. Oscillators such as Relative Strength Index (14)(42.82), Average Directional Index(14)(45.33), and Stochastic RSI Fast (3, 3, 14, 14)(52.85) are being neutral, while MACD Level (12, 26)(-1.76) is pointing towards selling.
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Recent Developments
At the ending of June, Carnival Corporation announced its sale of shares worth $500 million. The company would use the money raised to buy ordinary shares of CCL.L trading in the UK, as well as for regular corporate purposes. In the last year, the company raised more than $2.5B by selling its shares.
In accordance with the stock swap program of NYSE/LSE: CCL and NYSE: CUK previously announced, on July 21, it was again announced that Carnival Corporation bought 222,127 shares of Carnival PLC ordinary shares at £14.25 per share. The company is going to hold these shares with the terms of association of CUK and the latter would carry no voting rights as long as the shares are held by Carnival Corporation and its subsidiaries. No purchased share is to be held as a treasury share or cancelled.
Should You Buy CCL Shares?
From the point of view of an investor, it is important to assess all rewards and risks before deciding to purchase a share. Carnival Corporation was performing pretty well before the pandemic, but the same cannot be said about this year. As mentioned earlier, the company is just back to business. Cruises have been ordered to function with fewer passengers on board and follow strict sanitization and hygiene protocols. So, tour operator companies are not in great shape right now. Moreover, no technical indicator is pointing towards buying for CCL. All Moving Averages and the majority of oscillators are pointing towards a sell option with a few oscillators being neutral. So, it may not be a good time to invest in CCL shares.
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