Last week I was all in the news and while I do think it's important to stay alert in an environment where our reigning president enjoys dropping posts intraday, I do still support staying out of the general news. It will not only drive you crazy, but it will cloud your judgement. Just watch price action and volume, stay calm, and adjust you risk as needed.
🟢 Bullish Scenario
If CVNA continues up, it will face resistance around 219. But if it breaks above this level (which includes the February 2024 uptrend line, May 2021 pivot, and the daily 50SMA), it will not have a lot of overhead. This would open a door toward around 250 and 260. In the short-term, if it can hold above it's EMAs, we may still be bullish.
🔴 Bearish Scenario
Failure to break through 219, or lose the 10 and 20 EMAs, could set up another leg lower. A break back below the daily 200SMA would clear the path back to 157. At the time of publishing this, CVNA tested 219, and pulled back...now we wait to see if it wants to call a direction today.
⚪️ Neutral / Chop Scenario
If price continues to hover between 194 and 219, we may just be seeing a consolidation phase within a broader downtrend. That would suggest neither bulls nor bears have full control, and we could expect choppy, range-bound behavior this week.
A break outside of this range with volume would help clarify the next direction.
🟢 Bullish Scenario
If CVNA continues up, it will face resistance around 219. But if it breaks above this level (which includes the February 2024 uptrend line, May 2021 pivot, and the daily 50SMA), it will not have a lot of overhead. This would open a door toward around 250 and 260. In the short-term, if it can hold above it's EMAs, we may still be bullish.
🔴 Bearish Scenario
Failure to break through 219, or lose the 10 and 20 EMAs, could set up another leg lower. A break back below the daily 200SMA would clear the path back to 157. At the time of publishing this, CVNA tested 219, and pulled back...now we wait to see if it wants to call a direction today.
⚪️ Neutral / Chop Scenario
If price continues to hover between 194 and 219, we may just be seeing a consolidation phase within a broader downtrend. That would suggest neither bulls nor bears have full control, and we could expect choppy, range-bound behavior this week.
A break outside of this range with volume would help clarify the next direction.
Trade active
I changed my position to be long. Still treading with small amounts. Overall still just sitting out of the market but looking forward for a clear direction that holds. It is earnings season and typically we see a lot of movement leading into earnings that is actually tradeable. Patience is key per usual :-DTrade closed: target reached
Sitting this one out after the pop this morning. Really waiting for overall market to choose a direction. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.