Nov. 15 at 8:20 AM
$CVNA is currently trading at
$318.31, with an RSI of 39.85 indicating that it is nearing oversold territory. The price is significantly below both the 30-day moving average (MA30) of 335.49 and the 50-day moving average (MA50) of 351.83, suggesting bearish momentum in the short to medium term. The recent 60-day high of 401.0 and low of 285.02 indicates a volatile range, with the current price closer to the 60-day low, which could provide a potential support level.
Directional bias is bearish, given the RSI and the position relative to moving averages.
Suggested trade plan:
- Entry: Consider entering a short position around
$318.31.
- Stop: Set a stop loss at
$335.00, just above the MA30.
- Targets: First target at
$300.00 (psychological level), second target at
$285.02 (60D low).
Monitor market conditions closely for any changes in momentum.
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