It's been a rough Wednesday for Carnival Corporation (Carnival (CCL)). The cruise operator's stock slid about 5.5% as a double whammy of rising oil prices and a broader market pullback hit travel and leisure names. The Nasdaq Composite was down roughly 1.3%, and the S&P 500 fell about 0.9%, so Carnival wasn't alone in its misery.

Higher fuel costs are a direct concern for cruise lines, since fuel is a major operating expense. But that's not the only thing on investors' minds. The company is still dealing with the fallout from a significant cybersecurity incident that exposed customer data after a social engineering attack. That added uncertainty isn't helping sentiment.

In brighter news, Carnival has finished rolling out Konami Gaming's SYNKROS casino management system across all 29 ships in its Carnival Cruise Line fleet. The platform, which the company calls SURF (Serving Up Rewards and Fun), brings personalized rewards, bonuses, virtual prize drawings, and cashless wagering that ties into guests' onboard accounts. It's a nice upgrade for the floating casinos, but it didn't do much to lift the stock today.

Let's look at the technical picture, which isn't pretty. At $26.21, Carnival was trading below all its major moving averages. It sat 1% below its 20-day simple moving average, 1.8% below its 50-day, 5.7% below its 100-day, and 7.9% below its 200-day. The 20-day is below the 50-day, and the 50-day is below the 200-day — a bearish setup that followed a death cross back in March.

There's a tiny silver lining: momentum indicators have improved a bit. The MACD is still above its signal line, and the histogram is positive, which suggests selling pressure has eased. But the stock hasn't reclaimed any key resistance levels yet, so a sustained recovery isn't confirmed. Traders are watching resistance near $30.50 and support around $23.50, which is above the 52-week low of $22.11.

At the time of publication, Carnival shares were down 5.50% at $26.20. For a stock that's already been through the wringer this year, today's drop is another reminder that the cruise recovery story still has some rough seas ahead.