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CARVANA COCC

CARVANA CO

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CVNA trade ideas

CARVANA Signs of a PULLBACK Evident and TARGET AREASHi guys, this is a technical Analysis on Carvana (CVNA) on the 3 Day Timeframe. We've had a MASSIVE rally in CVNA, from MAY till reaching our current MAJOR RESISTANCE ZONE indicated by the GREEN RECTANGLE with RED borders. We've reached it and got rejected from it on July 19th. We've made our way back up however and are currently forming a LOWER HIGH. Note however, our current 3 DAY candle closes on the 9th of August. Make sure to pay attention. Friday we had a 12% sell off, where currently our price action is below the 0.786 FIB Level. If we close below on the 9th, the other FIB levels become more probable to reach. Becoming BUY ZONES and Potential PRICE BOUNCE areas. Our MASSIVE RALLY occurred due to 2 TA reasons: 1. MASSIVE BULLISH ENGULFING CANDLE that blew past MAJOR REISTANCE TREND LINE from BLOW OFF TOP (BLACK line) 2. GOLDEN CROSS, where the 21 EMA CROSSED ABOVE 50 D SMA However in my Opinion this rally, is NOT sustainable. Notice how SLOPED it is, indicated by this sharp upward channel in BLACK. I believe something is going to give, especially now that we hit this MAJOR RESISTANCE RECTANGLE ZONE. I also believe we have not created strong MARKET STRUCTURE, we just went PARABOLIC. This has weak foundation and is probable for a price correction. Our direction i believe is to fall to the various TREND lines, MOVING AVERAGES and FIB Zones i drew, put on charts and highlighted, respectively. Notice the trendline our current PRICE ACTION is resting on, if we BREAK this, look to the LOWER SUPPORT TRENDLINE of the UPSLOPING CHANNEL. I am also looking to the 0.618 FIB and 0.5 FIB Levels as BUY ZONES and areas we test, especially if we CONFIRM BELOW the 0.786 FIB level. AND Note: It is also likely that when we TEST the FIB levels as SUPPORT, PRICE can move up. Remember that if we don't reclaim or CONFIRM as SUPPORT ABOVE the previous FIB level we broke down from, it is likely price falls again. I am also looking at the 21 EMA (ORANGE Moving Average) as another area i believe we may test as SUPPORT in the days to come. I Use this EMA alot to indicate BULL TRENDS and BEARISH TRENDS. When PRICE is ABOVE = BULLISH, or BELOW = BEARISH. Another interaction that occurs is that sometimes when stocks move up in PRICE, it usually comes back down to TEST the 21 EMA as SUPPORT. Which WE HAVE NOT YET SEEN a test of SUPPORT on 21 EMA since we went PARABOLIC. This adds to evidence of WEAK Market Structure. If & When we TEST IT, we bounce off, thats healthy and sustains the BULL RUN, but IF we breakdown confirming as RESISTANCE, WE can test the GREEN Moving Average, the 50 D Moving Average as SUPPORT. NOTICE: SUPPORT CONVERGENCE of the 21 EMA, BLACK TREND LINE and the 0.5 FIB level. This area could be an AREA we can have a potential bounce from. When many support zones meet, it becomes a powerful support level. Also NOTICE: BLACK TREND LINE meets at 0.618 FIB level EMA will also continue upwards, provided price stays above the EMA. If all FIB LEVELS FAIL, which is always possible but for now not as PROBABLE, LOOK to the MAJOR SUPPORT RED HORIZONTAL LINE as our life line. This could be our base for sideway or range bound action. Keeping that to the back of your mind can give you perspective of the possibilities of where PRICE can go. But lets take it ONE STEP AT A TIME. Now lets look to the RSI, Notice how we've been hanging around at the OVERBOUGHT ZONE since early JUNE. Longer we stay up it becomes more likely we come down, once we do it indicates SELL OFF. One pattern i like to use is watching how the ORANGE RSI LINE interacts with the Moving Average i added to my RSI. If we CROSS below the Moving Average, it usually indicates that we have SELLING and a DOWN TREND. Notice the PREVIOUS EXAMPLES 'ive highlighted. Now Notice the STOCH RSI. We are getting close to a BEARISH CROSS below the 80 level, indicating BEAR MOMENTUM and SELL OFF. Also focus in on the BLACK HORIZONTAL LINE, watch for any bounces back up. This could give way to BULLISH Momentum coming back into CVNA. CONCLUSION: Cavana has had an explosive run, where in my opinion it is not sustainable for the time being. Especially so that we've hit a MAJOR RESISTANCE ZONE. A pullback is inevitable. Ive highlighted some ZONES and Support convergences that, in my opinion can be areas of POTENTIAL BOUNCES and BUY ZONES to observe. When thinking about price dropping, its important to look at it ONE STEP AT A TIME. Example -> Look to the 0.786 FIB level first, if we close & CONFIRM below, look to the next TREND line or FIB level or other ZONES highlighted above and be level headed. This is ABSOLUTELY NOT A TIME TO BUY in my opinion. Alot of signs show overbought conditions especially in the RSI and STOCH RSI. Wait and observe to see what happens for the next 3 day candle close. Hope this helped. Please support my ideas and my effort by boosting, following and commenting! Thank you for taking the time to view of work. Any questions, reach out. DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. When trading always spend majority of your time on risk management strategy.
NShort
by SafofAllTrades
2
CVNA Carvana Options Ahead of EarningsIf you haven`t bought CVNA here: Then analyzing the options chain and the chart patterns of CVNA Carvana prior to the earnings report this week, I would consider purchasing the 25usd strike price in the money Calls with an expiration date of 2023-11-17, for a premium of approximately $3.95. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NLong
by TopgOptions
Are we forming a Bull Flag in Carvana?Hi guys! This is a quick analysis on my opinions on a current chart pattern that may be playing out in Carvana (CVNA). At first glance you can notice the formation of a Bull Flag on the 1 Week CVNA chart. As you can see we have had our Sharp price move to the Upside, almost resembling a straight line up. This is known as the Flagpole. The Volume spike seen in this move is supportive of this phase. Followed by a pause or sideways action resembling a parallelogram. Here we see diminishing Volume, which is supportive of this phase as well. This pause is to consolidate/ take a break from such a massive uptick in price during formation of the flagpole. Flag patterns are known to be one of the most reliable continuation patterns and are said to rarely lead to Reversal of Trend. Currently we are in the process, on our current Daily Candle of trying to breakout. But we are meeting with Serious Resistance, depicted by a MASSIVE Upper Wick. Ideally, i'd like to see a larger body at the close of today's candle. Could this still lead to a break out? Well one thing to check is the VOLUME. For a breakout to occur we need to see a Massive Spike in VOLUME. Which we have not seen yet. Could be warning for a test back down to the lower rim of the parallelogram. This would also lengthen the time spent in forming this pattern. Also note that Flag patterns are normally short term patterns and shuold breakout within 1 to 3 weeks, as per theory. We are currently 8 bars in on the weekly chart indicating 8 weeks of consolidation. This is Not Textbook. Which has me second guessing if this is a Bull Flag. We have so much Resistance Above us, and the massive sharp move from $3, didnt create strong market structure. This in my opinion could lead to a collapse of current move with a massive correction. Continue to monitor this. Remember to trade a Bull Flag: You must wait for a breakout with CONFIRMATION before you take positions. I would personally not take a trade inside the pattern. Watch for signs of rejection here as well. __________________________________________________________________________________ Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again. Stay tuned for more updates on CVNA in the near future. If you have any questions, do reach out. Thank you again. DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
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by SafofAllTrades
Monitoring bearish sentimentOn my short watch for a few reasons: needs to breakout above $58 potential quadruple top AD/Money Flow showing bearish divergence w/ stealth bear flag (yellow circle) previous money flow/AD from July 2022 is currently acting as resistances. I have no position, currently monitoring the bearish sentiment.. I need to go to the lower time frames 15min/30min possibly 5min chart to review intraday support/resistances level to see if the short is there for entry other than the weekly.. not trading or financial advice, please do your own due diligence
N
by moneyflow_trader
12
CVNA Tues Sept 5, Gameplan! Stock to Watch: Carvana (CVNA) (CVNA Long Above 52.25 , Short Below ! 50.59) Carvana has shown impressive performance, gaining 12.08% since August 28, 2023. On the latest trading day (September 1, 2023), the stock continued its winning streak, rising by 0.99% and closing at $50.85. Notably, Carvana has experienced six consecutive days of gains, showcasing its strong momentum. While the stock exhibited some intraday volatility, fluctuating between $49.68 and $52.62, it managed to maintain its upward trajectory. Over the past two weeks, Carvana's stock price has surged by an impressive 29.69%. Despite a slight drop in trading volume on the last trading day, it's essential to be cautious as it may signal a potential divergence and upcoming changes in the market. The stock is currently in a robust short-term uptrend, suggesting the possibility of further gains. Based on the current trend, Carvana is expected to potentially rise by approximately 75.42% over the next three months, with a price range between $71.37 and $125.23. Technical indicators, including moving averages and MACD, are providing positive signals for the stock. It's important to note that there have been some negative signals, including a recent sell signal, which led to an 8.87% decline. Support levels for the stock are identified at $46.73 and $39.80, providing potential safety nets. Carvana stock carries a "high risk" label due to its daily volatility, so careful consideration is advised. The recent continuous upward movement suggests a slightly increased short-term risk. For the upcoming trading day, a trading interval of approximately +/- $4.07 (+/- 8.01%) from the last closing price is expected. Notably, insiders have been actively buying more shares than selling, reflecting positive sentiment among company insiders. Overall, Carvana (CVNA) is a stock worth watching closely, given its positive technical signals and strong trend. It's currently considered a "Strong Buy" candidate. Please remember that this information is for informational purposes only and should not be considered financial advice. Always conduct your own research and analysis before making any investment decisions.
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by MpowerTradez_
CVNA: Buy ideaWe are in an uptrend and we will not go against this trend. However, if the resistance line is broken with force by a large green candle and followed by a large green volume it means that as soon as the second green candle appears with a large green volume we can enter a buy position. . On the other hand, we could have a reversal of the trend if and only if the vwap and the support line are broken with force by a large red candle and accompanied by a large red volume, this means that we can enter a position of selling on the appearance of the second red candle followed by a large red volume.Thanks.
NLong
by PAZINI19
CARVANA CHANGED MY LIFEIm keeping bullish expectations on carvana I expect price to make a structural retracement to my highlighted zone followed by stonks stonks stonks baby nothing to do with the underlying business at all just momentum and a whole lotta sass that said here are some encouraging words from Ernie the CEO “Carvana performed exceptionally well in the second quarter and set Company records for Adjusted EBITDA and gross profit per unit, which was up 94% year-over-year, all while continuing to lower expenses. Our strong execution has made the business fundamentally better, and combined with today’s agreement with noteholders that reduces our cash interest expense and total debt outstanding, gives us great confidence that we are on the right path to complete our three-step plan and return to growth,” said Ernie Garcia, Carvana's Founder and Chief Executive Officer.
NLong
by carinatrades
8