$CVNA Quick Double - Best Case Scenario
Carvana stock is more hammered than a freshman in college trying to rush a fraternity.
Is there more downside potential in the short-medium term? Absolutely. But, there's currently a hollow green candle on the monthly chart and the daily chart is showing some signs of possible reversal (yes, I'm writing this after a 12% down day).
Trade plan - buying shares and looking for 25-50% upside in the next several weeks prior to an earnings report that could do further damage to the stock price unless there's a positive suprise or some sort of good news (not sure what that could honestly be).
30+% of short interest is another factor why we could see a quick uptick prior to earnings in the case that shorts cover prior to earnings.
Bought: $22
Target range to sell: $30-35
Good luck people!
- C
As always, this is not advice just tracking my personal trade.
Is there more downside potential in the short-medium term? Absolutely. But, there's currently a hollow green candle on the monthly chart and the daily chart is showing some signs of possible reversal (yes, I'm writing this after a 12% down day).
Trade plan - buying shares and looking for 25-50% upside in the next several weeks prior to an earnings report that could do further damage to the stock price unless there's a positive suprise or some sort of good news (not sure what that could honestly be).
30+% of short interest is another factor why we could see a quick uptick prior to earnings in the case that shorts cover prior to earnings.
Bought: $22
Target range to sell: $30-35
Good luck people!
- C
As always, this is not advice just tracking my personal trade.
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