BY LICIA LESLIE
November 3, 2023
Hey Shoppers,
The market is loving Carvana’s (Ticker: CVNA) earnings report.
Check out the chart:
It has traded down to the lowest support level of my pitchfork and formed a hammer on Wednesday.
A hammer can be found at the bottom of a down trend and may be signaling a change in this trend.
I think CVNA can trade back up to $36.
Be careful buying anything, though.
Let that juice come out of those options, they are pumped up due to the earnings report.
Trade Review
Alcoa (Ticker: AA) had a nice move higher yesterday. I think it still has room to run up to the 50 day moving average at $27.40.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain