Carnival Corporation (NYSE:CCL) was surging over 9% on Thursday in tandem with the general markets, which saw the S&P 500 rising about 1.5%
Despite the economy slowly reopening over the past year, stocks in the travel sector have largely failed to reap gains, and Carnival has plunged about 60% since June 8, 2021, when the stock hit a 52-week high of $31.52.
Since April 21, Carnival has been trading in a steep and consistent downtrend, plummeting about 43 percent to reach a 52-week low of $11.56 on Tuesday. The stock tested the area as support again on Wednesday, which formed a double bottom pattern on the daily chart, and on Thursday, Carnival was reacting to that formation….