CVNA trade ideas
Short CarvanaCarvana offers an online platform to comfortably browse and buy used cars from, with delivery and 7d test drive money back guarantee.
The argument has been made that this form of selling will outperform in person buying from car dealership during COVID.
However, with strong decline in car sales globally and the entire sector suffering heavily in this environment, Carvana has remained relatively unchanged to its pre-COVID levels.
At such high unemployment numbers and bad economic outlook, it is questionable that they can sustain their growth, which seems to be the core pillar of its evaluation.
Additionally, this is not a Tech company, but seems to be traded as such.
Their platform is a digital product, but the core business and stream of revenue is buying and selling of used cars, which has very slim margins.
The core idea is great, but its evaluation way too high in this environment.
The stock is very volatile. Looking to enter near previous resistance levels at around 99$-100$.
Target 130Looks like it wants to go there and that would be my short target. This is valid as long as it holds the price above that bottom trend line. Closing above that line monthly is critical.
If it closes monthly(on May 29) below that bottom trend line then you can expect lower prices.
Stop loss 92.
Carvano #CVNAIt is approaching to the pivot resistance but RSI is still weak. The volume is above the average. I would watch RSI breakout instead of price
Carvana - Potential Short Opportunity - Bearish BatI will be looking for a short opportunity within the red zone.
CVNA: Potential Short Ideaputting the macro economic picture aside, CVNA appears to be topping out around $100 given previous gap/resistance and 5 wave corrective impulse completion.
$CVNA can rise in the next daysContextual immersion trading strategy idea.
Carvana Co. operates an e-commerce platform for buying and selling used cars in the United States.
The demand for shares of the company looks higher than the supply.
This and other conditions can cause a rise in the share price in the next days.
So I opened a long position from $74,60;
stop-loss — $71,00.
Information about take-profits will be later.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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Carvana - Potential trade opportunityI will be looking for a long trade opportunity within the green area
Great dip buy opportunity on CVNA for a potential 35%+ ReturnCVNA has been on a strong upward trend for the past couple months and presents a great dip buy opportunity for a possible 35%+ return.
Optimistic view on CVNA Hi, I've taken my time to look into this graph, I see a quite clear willingness to bounce off of 200 MA daily, and could be a stop loss for an entrance with a less tight stop than the ones plotted on the graph.
I see the stock as being on a 3rd wave of its bigger 3rd wave, which should be great, hence my optimism.
I also believe it might go quickly from this spot in the coming days, as it has shown support on the 50 MA daily, which earlier has been the starting point for moving higher quickly.
I don't own this stock, always do your own DD.
Happy trading.
$CVNA Rising Triangle PatternOpened a position in this today when it broke the triangle. It did pull back in, I may have jumped the gun as this could be a false break-out. It is a nice pattern and did get an upgrade today with a $120 price target. I'm in at $96.02 still in the money. My stop is $90 and first target is a measured move to $112 then hopefully to $120 upgraded target. Ideas, not trading / investing advice.
CVNA - SHORT UPDATEOK....THIS POSSESSED STOCK BOUNCED LAST TIME IT TRIED TO DUMP BUT THAT GAVE US REAL NICE BEARISH DIVERGENCE / DOUBLE TOP SETUP. NICE SELL SIDE ACTION ON FIRST DAY.
CVNA Retest/RemountCVNA retested its $85 support level and remounted to continue further upside. It has also been creating higher highs and higher lows forming an Elliot wave pattern. This looks like its on its last leg of the Elliot wave after completing its correction. Looking for it to at least test its highs at the $96 level as an initial target. With a finishing target of $100-103 level where the last leg of the wave pattern will potentially complete.
CVNA - SHORT UPDATEHAD THE WEDGE DRAWN WRONG. TOP OF TREND LINE WILL BE AROUND 91.00 AREA FOR BEST POSSIBLE ENTRY FOR LOW RISK SHORT.
Nice Round Bottom Cup-N-HandleWatch this closely, it's a perfect pattern. The round bottoms are the best because they are less volatile, and last longer than V bottoms, shaking out weak hands. Keep an eye on the cup line and volume for a breakout.
