Carvana Stock Forecast

Carvana stock price up 4.44% on Friday
(Updated on May 03, 2024)

CVNA Signals & Forecast

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 $93.39 and $83.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 75.93%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Carvana stock

Carvana finds support from accumulated volume at $116.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $8.41 between high and low, or 7.26%. For the last week, the stock has had daily average volatility of 7.74%.

The Carvana stock is extremely overbought on RSI14 (95). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $118.51 (-2.60%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 95 and this increases the risk substantially. There is a buy signal from a pivot bottom found 12 days ago.)

Trading Expectations (CVNA) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Carvana Company to open at $120.55, and during the day (based on 14 day Average True Range), to move between $114.18 and $129.16, which gives a possible trading interval of +/-$7.49 (+/-6.15%) up or down from last closing price. If Carvana Company takes out the full calculated possible swing range there will be an estimated 12.30% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $116.50, some $5.17 (4.25%) from the current price of $121.67, our system finds the risk reward attractive.

Is Carvana Company stock A Buy?

Carvana holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Carvana Company of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.