Carvana Stock Forecast
Carvana stock price up 2.88% on Thursday
(Updated on Apr 18, 2024)
The Carvana stock price gained 2.88% on the last trading day (Thursday, 18th Apr 2024), rising from $69.16 to $71.15. During the last trading day the stock fluctuated 5.78% from a day low at $69.25 to a day high of $73.25. The price has fallen in 6 of the last 10 days and is down by -13.69% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $335.07 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 $69.92 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 83.65% during the next 3 months and, with a 90% probability hold a price between $128.40 and $188.99 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CVNA Signals & Forecast
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. The Carvana stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $73.82 and $80.84. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 26, 2024, and so far it has fallen -21.65%. 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).
Support, Risk & Stop-loss for Carvana stock
Carvana finds support from accumulated volume at $69.88 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 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 $4.00 between high and low, or 5.78%. For the last week, the stock has had daily average volatility of 6.91%.
Carvana is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
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 Friday 19th
For the upcoming trading day on Friday, 19th we expect Carvana Company to open at $71.22, and during the day (based on 14 day Average True Range), to move between $66.21 and $76.09, which gives a possible trading interval of +/-$4.94 (+/-6.94%) up or down from last closing price. If Carvana Company takes out the full calculated possible swing range there will be an estimated 13.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $69.88 (1.78%) than the resistance at $75.47 (6.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Carvana Company stock A Buy?
The Carvana stock holds several negative signals and despite the positive trend, we believe Carvana will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -3.226 Sell Candidate Unchanged
Predicted Opening Price for Carvana Company of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $71.22 ( 0.0937%) | $71.15 |
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 | 75.22 | 5.72 % | |
| R2 | 73.69 | 3.57 % | ||
| R1 | 72.74 | 2.24 % | ||
| Current price: | 71.15 | |||
| Support | S1 | 69.69 | -2.05 % | |
| S2 | 68.74 | -3.38 % | ||
| S3 | 67.22 | -5.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 85.30 | 19.89 % | |
| R2 | 80.42 | 13.03 % | ||
| R1 | 75.47 | 6.07 % | ||
| Current price | 71.15 | |||
| Support | S1 | 69.88 | -1.78% | |
| S2 | 69.23 | -2.70% | ||
| S3 | 57.62 | -19.02% |
FAQ
Click here for our free guide on how to buy Carvana Stock.
