Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.

Have a stock YOU want us to review? Email my team here. – Mark

Hey Traders,

Looking at the Carvana (Ticker: CVNA) chart, the first thing you see is that it is flirting with or struggling with that 50 day moving average at $9.52.

The most recent previous highs at $10.25 will be providing resistance above here.

I have an uptrend line going back to the beginning of this year that will be the next level of support coming in at $7.76.

CVNA does like to trade in the range of $6.15 – $10.25.

The candle created on April 3rd looks like a change in trend candle prompting the stock to roll over and possibly trade lower from here.

In the short term, CVNA looks to me like it will continue to trade within the range.

Below the range, the next support level will be those previous lows at $3.60.

On the upside, above the range, the next resistance level comes in at $12.80.

Until it closes above or below these support and resistance levels, buy at $6.15 and sell at $10.25.

Sounds easy, right?

Thanks for Reading … See You Next Tuesday,

Licia Leslie