Stock to Watch: Carvana (CVNA)
(CVNA Long Above 52.25 , Short Below ! 50.59)
Carvana has shown impressive performance, gaining 12.08% since August 28, 2023.
On the latest trading day (September 1, 2023), the stock continued its winning streak, rising by 0.99% and closing at $50.85.
Notably, Carvana has experienced six consecutive days of gains, showcasing its strong momentum.
While the stock exhibited some intraday volatility, fluctuating between $49.68 and $52.62, it managed to maintain its upward trajectory.
Over the past two weeks, Carvana's stock price has surged by an impressive 29.69%.
Despite a slight drop in trading volume on the last trading day, it's essential to be cautious as it may signal a potential divergence and upcoming changes in the market.
The stock is currently in a robust short-term uptrend, suggesting the possibility of further gains.
Based on the current trend, Carvana is expected to potentially rise by approximately 75.42% over the next three months, with a price range between $71.37 and $125.23.
Technical indicators, including moving averages and MACD, are providing positive signals for the stock.
It's important to note that there have been some negative signals, including a recent sell signal, which led to an 8.87% decline.
Support levels for the stock are identified at $46.73 and $39.80, providing potential safety nets.
Carvana stock carries a "high risk" label due to its daily volatility, so careful consideration is advised.
The recent continuous upward movement suggests a slightly increased short-term risk.
For the upcoming trading day, a trading interval of approximately +/- $4.07 (+/- 8.01%) from the last closing price is expected.
Notably, insiders have been actively buying more shares than selling, reflecting positive sentiment among company insiders.
Overall, Carvana (CVNA) is a stock worth watching closely, given its positive technical signals and strong trend. It's currently considered a "Strong Buy" candidate.
Please remember that this information is for informational purposes only and should not be considered financial advice. Always conduct your own research and analysis before making any investment decisions.