Shares of CCL are up 3% in early trade as the company announced an 80% increase in net annual profit to $445.2 million.
Despite the underlying EBIT falling .7%, the share price has reached a 7-month high of $9.07.
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In a blog post last Wednsday, we highlighted the bullish technical structure and that a break of the $8.45 level could point to an extention above $9.00.
Internal momentum indicators are now overbought and we suggest exiting long positions and looking to enter again at a lower level.
The company announced a dividend of 26 cents (70% franked) and goes ex-dividend on February 27th.
The first area of technical support for CCL will be at, or around, the $8.65 level.
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