Shorts Get Crushed After Carnival's Stock Breaks Out

For three months, sellers kept a top on shares of Carnival Corporation CCL. Each time shares reached the $30 level, sellers overpowered the buyers and drove the price lower.

But now things are different.

Why Carnival, Norwegian And Royal Caribbean Cruise Line Stock Are Moving

On Wednesday, Carnival's stock was able to break this resistance and close above it. This means the sellers who created the resistance have left the market. With this supply out of the way, the stage is set for a new uptrend to form.

Carnival's stock closed the session up 3.8% at $31.31 per share.