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Possible Bearish Inside Day Candle Pattern Detected for Copart Inc (NASDAQ:CPRT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Copart Inc (NASDAQ:CPRT) based on the price action in the company's shares. Today's price range of $58.19 and $58.79 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Copart Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Copart, Inc. provides vehicle suppliers, primarily insurance companies, with a variety of services to process and sell salvage vehicles through auctions. Salvaged vehicles are primarily sold to licensed dismantlers, rebuilders, and used vehicle dealers.

In the past 52 weeks, shares of Copart Inc have traded between a low of $30.30 and a high of $58.96 and are now at $58.44, which is 93% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.9%.

Based on a current price of $58.44, Copart Inc is currently 7.8% above its average consensus analyst price target of $53.86. Copart Inc shares have support at the 50-day moving average (MA) of $53.89 and additional support at the 200-day MA of $44.58.

SmarTrend recommended that subscribers consider buying shares of Copart Inc on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.02. Since that recommendation, shares of Copart Inc have risen 30.7%. We continue to monitor CPRT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle copart inc

Ticker(s): CPRT