Carvana (CVNA) shares soared in 澳洲幸运5官方开奖结果体彩网:extended trading on Wednesday after the online car dealer blew past Wall Street’s third quarter estimates and raised its full-year outlook, boosted by strong vehicle sales.

The company said it expects 2024 earnings to come in significantly above its prior forecast of $1 billion to $1.2 billion, supercharged by an increase in retail vehicle sales between the third and fourth quarters.

Carvana shares rose 20% to $248.99 in af🐽ter-hours trading. Through the close𒈔 of regular trading hours Wednesday, the stock had risen nearly four-fold since the start of the year.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Carvana’s 澳洲幸运5官方开奖结果体彩网:weekly chart and loca🍰te several key post-earnings price levels likely to attract attention.

Rising Wedge Breakout

Since bottoming out in December 2022, Carvana shares have traded within a 澳洲幸运5官方开奖结果体彩网:rising wedge, a chart pattern featuring♑ two upward sloping converging trendline🐓s.

More recently, the stock has reclaimed the 200-week moving average and threatened to break out above the pattern’s upper trendline. That move looks set to occur on Thursday, with the price poised for a decisive breakout after the company’s better-than-expected quarter𝔉ly results.

Let’s identify three key post-earnings overhead levels on Carvana's chart and also point out a crucial support area to monitor during 澳洲幸运5官方开奖结果体彩网:retracements.

Key Overhead Levels to Watch

The first important overhead level to eye sits around $240, an area where the shares may run into selling pressure near multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart between August 2020 and May 2021.

A convincing close above this key technical level could see the shares climb to the $300 area. This region may encounter 澳洲幸运5官方开奖结果体彩网:resistance around the 澳洲幸运5官方开奖结果体彩网:psychological round number and a trendline that joins a range of comparable trading levels fꦦrom J🅷anuary to November 2021.

Further buying may fuel a rally up to around $365, a location where investors could look to offload shares just below the prominent August 2021 peak and stock’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH).

Crucial Support Area to Monitor

Given the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) s📖its poised to flash its highest reading since 2018 after the post-earnings jump, the stock remains prone to profit-taking.

During retracements, investors should closely monitor the $165 level, a location on the chart where the shares would likely attract buying interest near the September 2020 pullback low and January 2022 澳洲幸运5官方开奖结果体彩网:countertrend high.

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