Hi 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...
This movement has been as textbook as it can get - yesterday we had a surge to the upper resistance and today it has pulled back some. I expect this to breakthrough tomorrow or the day after. Shown here is technology short ETF TECS.
I have been forecasting a market top around October-December 2018 for quite a few months. Most stocks I have looked at are also pointing to a top around that timeframe. This one stock does not appear to fall with the rest of the market based on trend and derivative analysis as well as Elliott Wave Theory.
My analysis is pointing to a top between 140.54 - 174.62...
Aquabounty Technologies has been the biggest gainer currently and this gain came during a really bad performance. It was leveled at a strong channel of around 3.10 to around 3.30. It went on a very big bullish run and it broke 8.55 today on a very big scale. A downfall of 4.50 to around 5.10 can be expected. The stock will surely find support at 3.05 to 4.05...
Currently trading at a 4 months low, Nautanix issued a weak Q3 guidance prompting the stock trade in an all time low territory. Fundamentals aside, trading over 10 times more than average volume on Friday and short float at 31%, I'd expect some sort of bounce early next week and would look for an entry around $24 or $25 if it can get up there to play on the short...
