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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Copart Inc (NASDAQ:CPRT) based on the price action in the company's shares. Yesterday's price range of $101.63 and $102.12 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. Traders and investors interested in shares of Copart Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Copart Inc share prices have moved between a 52-week high of $104.00 and a 52-week low of $50.81 and closed yesterday at 102% above that low price at $102.66 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.0%.

Copart Inc (NASDAQ:CPRT) defies analysts with a current price ($102.66) 47.5% above its average consensus price target of $53.86. The stock should discover initial support at its 50-day moving average (MA) of $93.15 and subsequent support at its 200-day MA of $80.51.

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: bullish am inside day candle copart inc

Ticker(s): CPRT