Carvana Stock Forecast
Red day on Wednesday for Carvana stock after losing 0.357%
(Updated on Apr 24, 2024)
The Carvana stock price fell by -0.357% on the last day (Wednesday, 24th Apr 2024) from $75.62 to $75.35. During the last trading day the stock fluctuated 4.14% from a day low at $74.88 to a day high of $77.98. The price has been going up and down for this period, and there has been a -6.42% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 2 million shares were bought and sold for approximately $187.83 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $72.37 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 62.39% during the next 3 months and, with a 90% probability hold a price between $117.52 and $168.32 at the end of this 3-month period.
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CVNA Signals & Forecast
There are mixed signals in the stock today. The Carvana stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $80.15. On a fall, the stock will find some support from the short-term average at $72.10. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, March 26, 2024, and so far it has fallen -17.02%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Carvana stock
On the downside, the stock finds support just below today's level from accumulated volume at $69.88 and $69.23. 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 $69.88. If this is broken, then the next support from accumulated volume will be at $69.23 and $57.62.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $3.10 between high and low, or 4.14%. For the last week, the stock has had daily average volatility of 5.83%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CVNA) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Carvana Company to open at $76.07, and during the day (based on 14 day Average True Range), to move between $70.58 and $80.12, which gives a possible trading interval of +/-$4.77 (+/-6.34%) up or down from last closing price. If Carvana Company takes out the full calculated possible swing range there will be an estimated 12.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $75.47 (0.16%) than the support at $69.88 (7.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Carvana will release earnings AMC on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.80. We will update the financials statements for Carvana, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.88% in the first trading day after earnings release.
Is Carvana Company stock A Buy?
Carvana holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.352 Sell Candidate Unchanged
Predicted Opening Price for Carvana Company of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $76.07 ( 0.96%) | $75.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVNA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 79.17 | 5.07 % | |
| R2 | 77.99 | 3.50 % | ||
| R1 | 77.25 | 2.53 % | ||
| Current price: | 75.35 | |||
| Support | S1 | 74.89 | -0.616 % | |
| S2 | 74.15 | -1.59 % | ||
| S3 | 72.97 | -3.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 85.30 | 13.21 % | |
| R2 | 80.42 | 6.73 % | ||
| R1 | 75.47 | 0.159 % | ||
| Current price | 75.35 | |||
| Support | S1 | 69.88 | -7.26% | |
| S2 | 69.23 | -8.12% | ||
| S3 | 57.62 | -23.53% |
FAQ
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