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

By James Quinn

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. Yesterday's price range of $102.60 and $103.25 is within the prior day'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.

In the past 52 weeks, shares of Copart Inc have traded between a low of $51.33 and a high of $104.10 and closed yesterday at $102.50, which is 100% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.7%.

Based on a current price of $102.50, Copart Inc is currently 47.5% above its average consensus analyst price target of $53.86. The stock should discover initial support at its 50-day moving average (MA) of $94.46 and subsequent support at its 200-day MA of $81.43.

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

SmarTrend is tracking the current trend status for Copart Inc and will alert subscribers who have CPRT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle copart inc

Ticker(s): CPRT