Wedge, with Volume

Carvana’s all-time highs were posted in January, this year.

Since then, it’s been a choppy grind lower (not advice, not a recommendation).

At this point, price action has a wedge breakdown.

Adding to that, last Friday included a lower close and volume surge, 262% over the prior session.

Carvana CVNA, Daily

From a sector standpoint, transportation (IYT), is trending higher, while consumer discretionary (XLY), is lower.

So, we have to ask ourselves, is Carvana part of transportation, discretionary, both, or in its own category?

Stay Tuned

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