• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock SCTR Report: Carvana Stock Skyrockets, Hits a New 52-Week High — What This Means for Investors
Stock

SCTR Report: Carvana Stock Skyrockets, Hits a New 52-Week High — What This Means for Investors

by October 8, 2024
by October 8, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Apologies for revisiting Carvana (CVNA), but it has such a beautiful chart pattern playing out the way it should. After bottoming out in a cup with handle pattern on the weekly chart and breaking out of the handle, Carvana stock has been in an upward-moving trend. The stock has now hit another milestone level, making it necessary to feature it again.

Carvana stock hits a new 52-week high and is back in the top position in the StockCharts Technical Rank (SCTR) Report, Top 10, Large Cap category. Several StockCharts Predefined Scans were also triggered for Carvana (see Symbol Summary page for CVNA). The stock price has been trending higher, with higher highs and higher lows. For a while, CVNA has frequently appeared in the top five in the SCTR Report, and if you follow the ChartWatchers blog, you’d have seen the stock pop up frequently. If you opened a long position in CVNA, you’d be feeling pretty good now.

But don’t get too complacent. It’s time to manage your position. Let’s analyze the recent stock price charts, starting with the weekly chart.

Carvana Stock Weekly Analysis

From a weekly perspective, Carvana’s stock price is maintaining its uptrend; it’s also approaching its 50% Fibonacci retracement level, and its relative strength index (RSI) has just crossed the 70 level. The uptrend is still intact and could go much higher if the momentum is behind it.

CHART 1. CARVANA STOCK CONTINUES TRENDING HIGHER. After breaking out of a cup and handle pattern, CVNA is trending higher and is now at its 50% Fibonacci retracement level.Chart source: StockCharts.com. For educational purposes.

I would watch the 50% retracement level carefully. It could act as a resistance level, causing the stock price to stall. As long as it stays within the 38.2 and 50% retracement level, i.e., between $145 and $189.42, the uptrend should be intact. Of course, if CVNA breaks above the 50% retracement level, continue to ride the trend.

Carvana Stock Daily Analysis

When a stock has a well-defined trend, momentum is an important ingredient in fueling the trend higher. The Chaikin Money Flow indicator (top panel) and moving average convergence/divergence (MACD) displayed in the bottom panel show that momentum supports the upmove in Carvana (see daily chart below).

CHART 2. DAILY CHART OF CARVANA STOCK. The stock broke out of its upward channel with rising CMF and MACD. It closed above $189.42. Will it push through and surge higher?Chart source: StockCharts.com. For educational purposes.

Carvana stock has broken out of its upward price channel. Instead of using the 21-day exponential moving average (EMA), I have shortened the period to a 5-day one to use as a trailing stop. I’ve also changed the longer-term simple moving average to a 25-period one.

The bottom line. Add the daily and weekly charts of CVNA to your StockCharts ChartLists and continue to monitor them. Set a StockCharts Alert to notify you when CVNA crosses below its 5-day EMA using the Advanced Alerts tool. If you’ve decided to unload some positions when price crosses below the 5-day EMA, follow your system. Making objective trading decisions can keep emotions at bay, which is a good habit to cultivate.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

You Might Also Like
  • Here’s Why A Short-Term Top Might Be Nearing
  • Is the Bull Market Back? Watch These Charts
  • The Big Wall Street Firms Use Manipulation Strategies To Fatten Their Wallets
  • The Smart Money Changes Gears; As Tech Weakens, New Leaders Appear
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Oil Prices Soar Amid Middle East Tensions – What’s Next for Gas Prices?
next post
Hurricane Milton could reduce Disney earnings, Goldman says

You may also like

Our Very Last Trading Room

April 28, 2025

Can This Specialty Chemical Stock Become A Good Investment Bet?

May 20, 2023

Santa Claus Rally Alert: Predicting a 70% Chance of Surge...

December 7, 2023

Dramatic Bearish Bias Shift on Major Market Indexes This Week

January 13, 2024

S&P 500 & Nasdaq Composite Approach Critical Resistance; Watch for...

April 26, 2024

Here’s a Scary Scenario for You: S&P 500 Downside to...

October 4, 2023

S&P 500 Breakout: Here to STAY or Heading for a...

May 20, 2024

S&P 500 Dives After Failed Test of Price Resistance; Bears...

March 29, 2025

Bullish Tidings: Breadth Rallies, Oil Service Makes its Move, Bonds...

July 2, 2023

Quantum Computing: Top Stocks You Should Watch Now!

January 17, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Sector Spotlight: Decoding The S&P’s Monthly...

    November 28, 2023

    DEFENSE IS ON THE FIELD |...

    April 27, 2024

    The Finances Look Good For Equity...

    November 25, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here