Carnival Corp Cruising to New Highs

12/23/2010 12:01 am EST

Focus: STOCKS

Shares of Carnival Corp (CCL) broke out to new 2010 highs and have now reached their highest level since December 2007.



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Carnival rallied on a better-than-expected fourth-quarter earnings report. Earnings rose 29% as the cruise company benefited from improving demand. The stock rose 4.3% on heavy volume, closing at $45.18.

New highs are always bullish, but considering the economy is only just starting to get back on its feet, there could be a great deal of continued good earnings results in future months.

The short-term target for this advance is $47.95. If this level is surpassed, traders can look for Carnival shares to reach as high as $52.71 over the coming months.

By Frank Kollar of FibTimer.com

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