Carvana (NYSE:CVNA) could move higher and here’s why

The QQQ’s gapped lower as a bit of panic sets into the overall market. Rate fears continue as the 10 year yield continues to climb.

$360 is now the first potential resistance in the QQQ’s with $364, $370 and $372 next. Above that, the next targets are $378.10, $380 with a gap fill to $382.79 above that. The QQQ’s 12-month highs are at $387.54. Beyond that, targets to the upside are $390 and then $400. 

The first potential support is now around the $355 area. Below that the next targets to the downside are $354.50, $349 and $340.

Carvana (NYSE:CVNA)Carvana has had a nice pullback as market expected in recent days. It appears short term peak market panic could be in and now is a good chance to get long some oversold stocks. CVNA is bouncing today off a major support level and seems there could be a nice move higher here in the short term as shorts cover and some dip buyers step in. 

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