Volatile ride for Carvana stock price on Wednesday moving between $35.60 and $44.64

The Carvana stock price gained 9.33% on the last trading day (Wednesday, 12th Jul 2023), rising from $35.57 to $38.89. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 25.39% from a day low at $35.60 to a day high of $44.64. The price has risen in 7 of the last 10 days and is up by 60.04% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 30 million more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $2.81 billion.

Wells Fargo is very positive about CVNA. The price target was set to 5 (Jan 05, 2023).

The stock has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $33.57, a level that may pose a second chance to hit a runner. According to fan-theory $41.57 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

The Carvana stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $30.61 and $21.66. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 26, 2023, and so far it has risen 85.99%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $35.57 and $34.27.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Carvana finds support just below today's level at $35.57. If this is broken, then the next support from accumulated volume will be at $34.27 and $29.45.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $9.04 between high and low, or 25.39%. For the last week, the stock has had daily average volatility of 18.62%.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Carvana stock to perform well in the short-term period.