{"id":6109,"date":"2024-07-16T00:03:47","date_gmt":"2024-07-16T00:03:47","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/16\/carvana-stock-is-picking-up-speed-is-now-the-time-to-buy\/"},"modified":"2024-07-16T00:03:47","modified_gmt":"2024-07-16T00:03:47","slug":"carvana-stock-is-picking-up-speed-is-now-the-time-to-buy","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/16\/carvana-stock-is-picking-up-speed-is-now-the-time-to-buy\/","title":{"rendered":"Carvana Stock Is Picking Up Speed. Is Now the Time To Buy?"},"content":{"rendered":"
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Carvana (CVNA) stock has recently appeared in the StockChartsTechnical Rank<\/a> (SCTR) Top 10 list, which makes it a stock worth analyzing. If you look at Carvana\u2019s stock chart (discussed in detail below), you\u2019ll see that besides hitting new 52-week highs, it has shown some interesting price movement in the last year. The stock price gapped up on the last two earnings reports, leading to stock upgrades from analysts.<\/span><\/p>\n

Going back to early 2023, you\u2019ll notice that Carvana\u2019s SCTR score crossed above the 70 level in May 2023 (see upper panel). Even though the SCTR score crossed above 80 and 90, albeit briefly, it fell below the 70 level relatively fast.<\/p>\n

Another attempt to cross above the 70 level was made, but that was very choppy. At the end of May 2023, Carvana\u2019s SCTR score crossed above 90 and stayed there until January 9, 2024. Since February 2024, the SCTR score has sustained its position above 90. Will Carvana stock see a follow-through to the upside?<\/p>\n

A Deep Dive Into Carvana Stock<\/h2>\n

The daily stock chart of Carvana<\/a> below shows the stock is trading above its 21-day exponential moving average<\/a> (EMA), and a pattern of higher highs and higher lows is in play. The <\/span>relative strength index<\/a> (RSI) is just above 70, which means there\u2019s potential for further upside in Carvana\u2019s stock price.<\/span><\/p>\n<\/p>\n

CHART 1. DAILY CHART OF CARVANA STOCK. The stock is moving higher, trading above its 21-day EMA, and its RSI has just crossed into overbought territory. Chart source: StockCharts.com. For educational purposes.<\/span><\/p>\n

The weekly chart of CVNA<\/a> (see below) looks even more promising. The overall trend this year is up, and the RSI has crossed the 70 level. What\u2019s interesting is that if you look at the RSI in the past couple of times it\u2019s been above 70, you\u2019ll notice that, each time it subsequently dipped below 70, it was a \u201cbuy the dip\u201d opportunity.<\/p>\n<\/p>\n

CHART 2. WEEKLY CHART OF CARVANA\u2019S STOCK PRICE. Carvana has plenty of upside room before it reaches its all-time high. With this year\u2019s uptrend and an RSI that helps identify price dips, there is the likelihood of buying on a dip.<\/span>Chart source: StockCharts.com. For educational purposes.<\/span><\/em><\/p>\n

The RSI remained above 50, and the upward-sloping trendline remained intact. Both are indications the uptrend in Carvana\u2019s stock price is solid. What\u2019s even more positive on the weekly chart is that there\u2019s a lot of room for upside movement. Carvana\u2019s all-time high is over $350.\u00a0<\/p>\n

Carvana\u2019s stock price today is around $142. The stock has caught Wall Street\u2019s attention ahead of earnings. Carvana reports Q2 earnings on July 31 after the close. Carvana stock has been in the news lately; it\u2019s made strides in electric vehicle sales, allowing buyers to get tax credits at the point of sale. Analysts are also making buy recommendations for Carvana. Carvana\u2019s stock price has a lot going for it, and the technicals look great.\u00a0<\/p>\n

The bottom line:<\/strong> Add Carvana\u2019s stock chart to your ChartList and look to take advantage of a dip in the stock\u2019s price. According to a Barron\u2019s report, Carvana\u2019s stock price is volatile, mainly due to short selling, so dips are highly likely.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Carvana (CVNA) stock has recently appeared in the StockChartsTechnical Rank (SCTR) Top 10 list, which makes it a stock worth analyzing. If you look at Carvana\u2019s stock chart (discussed in detail below), you\u2019ll see that besides hitting new 52-week highs, it has shown some interesting price movement in the last year. The stock price gapped […]<\/p>\n","protected":false},"author":0,"featured_media":6110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-6109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=6109"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/6110"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=6109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=6109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=6109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}