Uncovering Noteworthy Technical Analysis Findings for CARVANA CO (NYSE:CVNA).

Our stock screener has flagged CARVANA CO (NYSE:CVNA) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:CVNA for potential movement.

Zooming in on the technicals.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 out of 10 to CVNA. Both in the recent history as in the last year, CVNA has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that CVNA is one of the better performing stocks in the market, outperforming 99% of all stocks. On top of that, CVNA also shows a nice and consistent pattern of rising prices.
• CVNA is one of the better performing stocks in the Specialty Retail industry, it outperforms 99% of 126 stocks in the same industry.
• CVNA is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so CVNA slightly outperforms the market at the moment.
• Volume is considerably higher in the last couple of days, which is what you like to see during a strong movement up.

Check the latest full technical report of CVNA for a complete technical analysis.

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CVNA this score is currently 7:

Besides having an excellent technical rating, CVNA also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 132.40, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:CVNA?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.