Carvana Co.Long
CVNA: Prepping for a Symmetrical Triangle Breakout
Updated
Carvana (CVNA) is shaping up into a nice symmetrical triangle on the hourly chart. This type of pattern typically signals consolidation before a breakout, and it's looking like we’re getting close to a decision point.
Price has been consistently making higher lows and lower highs, squeezing tighter within the triangle. Right now, it’s testing the upper trendline around the $250 level, and the volume is starting to pick up—something to watch closely.
What I’m Seeing:
Triangle Formation: Clear symmetrical triangle, which could break either way.
Key Levels:
Bullish breakout: Above $250.00
Bearish breakout: Below $240.00
Game Plan:
If it breaks up: I’m looking to go long on a strong move above $250, ideally with some volume behind it. Targets would be $260, $270, and potentially $280.
If it breaks down: I’d consider shorts below $240, aiming for $230 and $220.
Managing Risk:
Stop Loss:
Longs: Below $240, in case of a failed breakout.
Shorts: Above $250, to avoid getting caught in a fakeout.
This one is all about watching the breakout direction. The triangle setup is clean, and with some patience, this could turn into a solid trade. Let’s see where it goes.
Price has been consistently making higher lows and lower highs, squeezing tighter within the triangle. Right now, it’s testing the upper trendline around the $250 level, and the volume is starting to pick up—something to watch closely.
What I’m Seeing:
Triangle Formation: Clear symmetrical triangle, which could break either way.
Key Levels:
Bullish breakout: Above $250.00
Bearish breakout: Below $240.00
Game Plan:
If it breaks up: I’m looking to go long on a strong move above $250, ideally with some volume behind it. Targets would be $260, $270, and potentially $280.
If it breaks down: I’d consider shorts below $240, aiming for $230 and $220.
Managing Risk:
Stop Loss:
Longs: Below $240, in case of a failed breakout.
Shorts: Above $250, to avoid getting caught in a fakeout.
This one is all about watching the breakout direction. The triangle setup is clean, and with some patience, this could turn into a solid trade. Let’s see where it goes.
Trade active
Trade playing out as expected. Looking to take profits around 265 - 270
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