Wednesday

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>Carvana stock price declined 1.52% intraday on Wednesday and currently trades at $37.63.</a></li>
 <li><span>2</span> <a>Carvana share (NYSE: CVNA) price could not sustain above the 50-day EMA and slipped below.</a></li>
 <li><span>3</span> <a>The daily chart illustrates the formation of a range and the price may remain volatile in the range.</a></li>
</ul>
<p>Carvana Co. stock price chart witnessed the formation of a range over the daily chart. The intensity of the range is measured to be over 50% which might not be an easy task for the price to break above. The CVNA stock price might remain indecisive and show volatility until it is maintained in the range.<br><br>The price trend analysis demonstrates that the stock experienced a strong bullish rally in the last quarter. The stock price surged from a low of $8 to reach above $45 in the last quarter; attaining more than a 500% return in the last quarter.<br><br>However, the stock price could not continue with the momentum and formed a 50% range near the recent swing high, showing an accumulation. The technical indicators imply that the stock has slipped below the 50-day EMA indicating weakness in the short-term.</p>
<p>Currently, the stock price is expected to maintain the range. The price may remain indecisive and show volatility in the short run. Moreover, the breakout or breakdown of the range might decide the trend further.&nbsp;&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="548" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72-1024x548.png" alt="Carvana Stock (NYSE: CVNA) Price Forecast For October 2023" class="wp-image-173529" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72-1024x548.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72-300x161.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72-768x411.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72-750x401.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72-1140x610.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-72.png 1450w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2023/09/23/carvana-co-cvna-stock-lost-24-42-weekly-will-it-retest-40/" target="_blank" rel="noopener noreferrer nofollow">Carvana stock</a> derivatives data analysis states that the current implied volatility in the market is 111.98% with a decrement of 5.55% in the last trading session. The at-the-money strike price has 601 open contracts on the PUT side and 144 open contracts on the CALL side indicating the dominance of buyers at the CMP.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="strong-carvana-stock-price-forecast-for-2023-strong"><strong>Carvana Stock Price Forecast For 2023</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-1024x456.png" alt="Carvana Stock (NYSE: CVNA) Price Forecast For October 2023" class="wp-image-173528" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-71.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: CVNA 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The average analyst price target for Carvana stock in 2023 is $43.88, which represents a potential upside of 16.62% from the current price. However, there is a wide range of analyst price targets between $15 to $63.</p>
<p>The most optimistic analysts believe that Carvana stock could reach $63 in 2023 which represents a potential of 67.4% to the upside if the global e-commerce industry grows strongly and Carvana is able to update changes with respect to time.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-signal-mixed-sentiments-strong"><strong>Technical Indicators Signal Mixed Sentiments</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-1024x456.png" alt="Carvana Stock (NYSE: CVNA) Price Forecast For October 2023" class="wp-image-173527" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-70.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: CVNA 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The overall technical indicators including RSI and MACD opinion rating for the <a href="https://www.thecoinrepublic.com/2023/09/15/carvana-stock-will-cvna-stock-head-back-to-the-40-level/" target="_blank" rel="noopener noreferrer nofollow">CVNA stock</a> is a 56% “buy” with a weakest short-term outlook on maintaining the current trend.&nbsp;&nbsp;</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Carvana stock price formed a 50% range after a strong bullish rally in the last quarter. The stock is expected to remain indecisive and show volatility in the short run. The breakout or breakdown of the range might decide the trend further. The average analyst price target for Carvana stock in 2023 is $43.88, which represents a potential upside of 16.62% from the current price. However, there is a wide range of analyst price targets between $15 to $63.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $35.71 and $30.41</li>
 <li><strong>Resistance Levels:</strong> $42.71 and $56.44</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 and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Carvana Stock (NYSE: CVNA) Price Forecast For October 2023

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