Rose

Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Carvana stock price (NYSE: CVNA) surges 40% in a single day and is racing toward a 52-week high.</a> </li> 
 <li> <span>2</span> <a>CVNA stock price reacted positively after quarterly earnings.</a> </li> 
 <li> <span>3</span> <a>Carvana beat the EPS estimate by 53.46% and the revenue estimate by 13.84%.</a> </li> 
</ul> 
<p>Carvana stock price (NYSE: CVNA) shot up 40% in a single day after the release of quarterly earnings. It formed a bullish continuation pattern and prices are racing toward the 52-week high.&nbsp;</p> 
<p>CVNA stock price sustained above the 50-day and 200-day EMA showcase the trend has reversed in the upward direction. EMAs are preparing for the golden crossover which will further boost the confidence of investors.&nbsp;</p> 
<p>The buying volume in the Carvana stock is on the rise indicating some genuine investors had injected the money and expecting its outperformance.&nbsp;</p> 
<p>At the beginning of May 2023, Carvana released its quarterly earnings which positively impacts the price. Later, prices began to recover by forming higher highs and rallied 450% in a short period of time.&nbsp;</p> 
<p>Recently, Carvana released the previous quarter’s earnings on July 19, 2023. It reported an EPS of -0.55 and revenue of $2.968 Billion.&nbsp;</p> 
<p>The company beat the EPS estimate by 53.46% and the revenue estimate by 13.84%. It positively impacted the stock and the prices showed the biggest intraday jump.&nbsp;</p> 
<p>Carvana share price closed the previous session at $55.80 with an intraday rise of 40.20%. The market capitalization stands at $10.55 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-the-carvana-stock-break-the-60-00-hurdle-strong"><strong>Will the Carvana Stock Break the $60.00 Hurdle?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/ALZlAknN6b-38X4cAwnNvgd4RIwhsrZgLRUfpc1iYSRhu-zGZsiXjnWd-8QjCXIUXpQ5dfCycN_9M3Z_CIXwQKlLfHt69kld2Lxkve6A4BP8ZxMBijBHmH0JwJjNTQJmdNkmRKt74QOyGnGGwAigxBY" alt="Carvana Stock Shot up 40%; Will CVNA Stock Hit a 52-Week High?"> 
  <figcaption class="wp-element-caption">
    NYSE: CVNA Daily Chart by <a href="https://www.tradingview.com/x/9yOyELYi/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Carvana stock price is up by 1105% on a YTD basis. It outperformed in 2023 and generated more than expected results. Presently, the price is near the supply zone and sellers might try to reject the prices.</p> 
<p>However, till the <a href="https://www.thecoinrepublic.com/2023/07/20/cvna-stock-gains-16-intraday-after-earnings-and-debt-update/" target="_blank" rel="noopener noreferrer nofollow">CVNA stock</a> is sustaining above $40.00, the prices are expected to bounce back from the support. Any short-term down move is likely to get absorbed by the buyers.&nbsp;</p> 
<p>Carvana stock price looks over-stretched so minor consolidation or short-term retracement toward the 50-day EMA is possible. The technical analysis suggests CVNA stock price is inside the bull’s grip and the probability of a $60.00 breakout remains high.</p> 
<h3 class="wp-block-heading" id="strong-cvna-stock-price-rose-for-8-consecutive-weeks-strong"><strong>CVNA Stock Price Rose for 8 Consecutive Weeks</strong></h3> 
<p>CVNA stock price rose for 8 consecutive weeks and formed a bullish pattern on multiple time frames. The support levels are shifting higher which shows the dominance of bulls.&nbsp;</p> 
<p>The MACD curve is above the zero line and displays a positive crossover. The distance between the MACD curve and the moving average is getting wider indicating bullish momentum might continue.&nbsp;</p> 
<p>Whereas, the RSI at 83 entered the overbought territory denoting minor cool-off is possible in the stock.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Carvana stock price (NYSE: CVNA) shot up 40% after the release of quarterly results. The bullish momentum is intact so the <a href="https://www.thecoinrepublic.com/2023/07/20/cvna-stock-gains-16-intraday-after-earnings-and-debt-update/" rel="noopener noreferrer nofollow">CVNA stock </a>price might hit a 52-week high.&nbsp;</p> 
<p>The technical analysis suggests that the Carvana share price is in bulls’ grip and more rally is pending.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Resistance levels: $60.00 and $80.00</li> 
 <li>Support levels: $40.00 and $30.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Carvana Stock Shot up 40%; Will CVNA Stock Hit a 52-Week High?

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Thecoinrepublic.com

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