$CVNA entered a “Go” trend late November of last year.
Since then, we have seen price climb to a high over $485. However, after stalling at that level, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term due to waning momentum. Indeed, as price fell from the high, GoNoGo Trend painted a string of weaker aqua “Go” bars, and the support from a prior gap was tested. GoNoGo Oscillator briefly broke through the zero line into negative territory but as price found support was able to recover that level. After rallying and failing at overhead resistance, GoNoGo Oscillator has once again tested the zero line and as GoNoGo Trend painted a “Go Fish” bar of uncertainty, it found support. GoNoGo Trend has responded with a new “Go” bar and price has edged to a new high. With a Go Trend Continuation Icon (green circle), we know that momentum is once again resurgent in the direction of the “Go” trend. We will look for price to consolidate above the horizontal level we see on the chart and use it as support going forward as it tries to climb higher.
