Wednesday

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>CVNA stock price may undergo a time-wise correction phase.&nbsp;&nbsp;</a></li>
 <li><span>2</span> <a>Carvana Company stock (NYSE: CVNA) price fell almost 40% after forming a double top in the last 30 sessions.&nbsp;</a></li>
 <li><span>3</span> <a>Carvana stock price slipped below the 50-day EMA indicating weakness over the daily chart.&nbsp;</a></li>
</ul>
<p>Carvana Company (CVNA) stock price slumped 5.89% intraday on Wednesday and showcased the continuation of a bearish trend in the short term. The CVNA has bearish dominance after forming a double-top pattern in mid-September. The stock price slumped over 40% in the past 1-month.&nbsp;</p>
<p>Moreover, the price trend analysis illustrates that the stock was super bullish on the charts in the last quarter and gained over 600% rising from a low of $7.5. The stock price made its way from $7.5 to a high of $56.&nbsp;</p>
<p>Furthermore, the CVNA stock price tried to continue with the momentum in the first half of the current quarter. But it failed to form a new swing high and the stock price slipped down forming a double top.&nbsp;</p>
<p>Currently, the Carvana stock price struggles to sustain near the 200-day EMA and has shown bearishness in recent sessions. The CMP is bearish and the stock price may fall more until it encounters a strong demand zone.</p>
<h2 class="wp-block-heading" id="strong-cvna-stock-option-chain-analysis-strong"><strong>CVNA Stock Option Chain Analysis</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/DL9Lw3BL0RKiav79AxT1Z4iq2QT5lEqD1TQfc09YF4AoCpb-X8SaHLJKR_qIaWUWuLu8Ye_QumxVKqsK3y4XFemv5RjlpC-Vx002-p6OPgRTNFOT-e4BSC-NkqjHc6O2jeYHYcsgg6pO-WwJMoZ4MXM" alt="Can Carvana Stock Price (NYSE: CVNA) Take A Rebound From 200 EMA?">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div>
<p>CVNA stock option-chain analysis states that the current implied volatility in the market is 118.69% with an increment of 1.08% in the last trading session. The at-the-money strike has an OI of 2,192 on the PUT side and 125 on the CALL side indicating the domination of buyers at the CMP.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-cvna-stock-price-slumped-over-5-in-last-session-strong"><strong>CVNA Stock Price Slumped Over 5% in Last Session&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/Z7nYQjcYME_lRSnaPdXLOZxuCCmXu-6YJgZsAyUEbBzcCGfGMIv8-ZthU9zPdppX2_tJMAfBWPOOOOETj85Y9ud0pvzgFTLMQVttYwOLoXmzvw9oZP_8V0lRlC0ZoNSLQmg1xttsssoLI_Y6n0_MZ2w" alt="Can Carvana Stock Price (NYSE: CVNA) Take A Rebound From 200 EMA?">
  <figcaption class="wp-element-caption">
   Source: Carvana&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The <a href="https://www.thecoinrepublic.com/2023/10/12/carvana-stock-fell-35-from-high-will-cvna-stock-decline-more/" rel="noopener noreferrer nofollow">Carvana stock</a> price currently trades at $32.46 with a decline of 5.89% in Wednesday’s session. The stock price might continue with the same momentum in Thursday’s session to reach an immediate support of $30.<br><br>Moreover, the recent decline has shifted the long-term trend from bullish to a sideways trend. The stock may undergo a time-wise correction in the next quarter and hover in a range-bounded zone.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-shows-bearish-outlook-in-short-term-strong"><strong>Technical Indicators Shows Bearish Outlook in Short-Term</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/O9XIWDRf7JKwXm8VdQDjSj_aU7TuCqOizpqMdwXTfg0jAAT_qsNtLUA_UTmz-7OWgt8M313OchGrjfs2yPzK7AxufaPQso4MZO6TAMqgzrkPd2B_RytxGggHn62sfeZZp30KDb-gDVqZWMk6vdWs03Q" alt="">
  <figcaption class="wp-element-caption">
   Source: Carvana&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The overall technical opinion rating including RSI and MACD signals a 24% “buy” with the weakest short-term outlook on maintaining the current direction.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>Carvana stock price is bearish in the short term after forming a double top in mid-September. The price fell over 40% in the past month. The price was bullish in the last quarter, rising from $7.5 to $56. The price struggles to stay above the 200-day EMA and may drop further to $30. The long-term trend is sideways and the price may trade in a range in the next quarter. The price is at $32.46, down by 5.89% on Wednesday.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support levels:</strong> $30.41 and $24.31</li>
 <li><strong>Resistance levels:</strong> $36.25 and $56.44</li>
</ul>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<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>

Can Carvana Stock Price (NYSE: CVNA) Take A Rebound From 200 EMA?

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Thecoinrepublic.com

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