Looks like CVNA is ready to breakout in a cup/ handle. Everyone said that it broke out already and is now dying down. But the final handle/ falling wedge is showing signs of a breakout. I posted this at $42 last week but re-emphasizing at $44. As long as you hedge you're not late.
You can capitalize on both ups and downs if you have insurance (hedge).
CVNA looks to be consolidating here. It looks like the bottom may be in and it is forming two bullish patterns at once - a megaphone as well as an inverse head and shoulders. Neckline is in purple, megaphone in orange.
Subject: Pullback & Future Outlook
Based on my analysis, it's not surprising CVNA is seeing a large pullback. Especially after confirming the cup and handle pattern by breaking through historical resistance at $40 price level. It then briefly broke through historical resistance at $55 price level before pulling back.
CVNA is currently filling the large volume...
NYSE:CVNA Carvana Co. found a bottom at the all time low of 3.57 on Dec 7, 2022 after a significant decline from all time highs above 375 in August of 2021. The boom was largely driven by economic factors, there was a booming Used Car market with ultra-low interest rates and a desire to stay indoors with the pandemic that pushed people to use the new type of...
Hey guys!
Found a setup I happen to really like that Carvana NYSE:CVNA has been forming this past few months. I generally would stay away from a company/stock like Carvana, as potentially bankrupt-bound companies are not what I like to trade. But I couldn't help but realize the Cup & Handle being formed on the weekly chart currently. Below are some highlights...
With hindsight, it wasn't wise to buy NYSE:CVNA as it gapped up (blue arrow). Luckily, the stock has consolidated without breaking down. Yesterday, following the FOMC decision, it broke above the consolidation range. Expect an upside move on NYSE:CVNA but there might be a resistance near $56.
They say every 2.5x10week candle impulse may correct and every break out consolidation will result in 2.5x10week impulse.
Looking thru stocks , CVNA have a lofty target of 200+ where the red box is based on 6 months TF.
Wowww!!
My opinion.
$CVNA:1D
Signal has almost completed the 4th wave down. I’ll be looking to see whether the 5th wave to the upside takes form. 5th waves are wiley and they fail all the time so it’s possible the local low is not in yet. Price coming off of its lowest point on the RSI YTD and is now coming out of oversold on our 1D RSI.
The ‘model moat’ on NYSE:CVNA is very...
Subject: Cup and Handle Formation
Based on my charting analysis it's evident that a cup and handle pattern has formed on CVNA. This is highlighted by the lime green lines on the chart. The RSI and Volume indicators show a progressing upward trend to break through established resistance at $36.63. This resistance level was re-established by a retest on 11/15/23...
I have a feeling the chop zone is going to end by Monday. The negative divergence on the daily stochastic suggested it will break down not up. First target is 28. Second is 26 for gap fills
