Copart stock (CPRT) price is trading in bullish territory and persists in making new highs. Recently, the stock made a new high of $93.68 and formed a long bullish marubozu candle in the last session. Moreover, the chart structure showed that buyers were gaining strength and outperformed the bears.
Furthermore, the price action showed that CPRT stock was forming higher highs with a breakout of the W pattern above the neckline of $80. After surpassing the neckline, the stock has gained massive momentum and bounced from the 20-day EMA to pursue new highs.
The stock has a trajectory up to $100 to catch in the upcoming sessions but needs a retracement for a further pullback. However, the stock is trading above the key moving averages.
About CPRT Stock
Copart, Inc. engages in the provision of online auctions and vehicle remarketing services. It provides vehicle sellers with a full range of services to process and sell vehicles primarily over the internet through Virtual Bidding Third Generation Internet auction-style sales technology.
The firm sells the vehicles principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters at certain locations, as well as to the general public.
The company’s services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, virtual insured exchange, transportation services, vehicle inspection stations, on-demand reporting, DMV processing, and vehicle processing programs.
What’s Trending?
In a case of insider trading reportedly, reportedly, Co-CEO and Director A Adair sold CPRT stocks worth $26 Million at a price of $8 per share. It was the biggest single sale, which is one of the reasons investors may be worried that dumping could be witnessed in the upcoming sessions.
At press time, CPRT stock was traded at $93.64 with an intraday gain of 3.13% in the Friday market session showing bullishness on the charts. Moreover, the trading volume increased by 2.32% to 2.442 Million.
Daily Charts Shows Range Breakout above $80
On the daily charts, CPRT stock showed a range breakout of $80, which was followed by a massive rally. Moreover, the increase in trading volume shows the strong demand for the stock as the buyers took long positions to extend the rally toward the new ATH.
As per the Fib extension tool, CPRT stock’s next target is $100, followed by $108 to be caught in the subsequent sessions. On the other hand, immediate support is at a 20-day EMA near $89.
The RSI curve stayed near 70 in the overbought zone and formed a positive crossover sharply bounced from the neutral range.
Conclusion:
Copart stock (CPRT) price is trading in the overbought territory, and sellers are waiting for the perfect time to push back toward the support. The price is near the supply range, and a selloff could be seen if stock is rejected near $100.
Technical Levels:
Support Levels: $89 and $80
Resistance Levels:$100 and $108
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/15/copart-stock-nasdaq-cprt-rises-more-delights-on-the-way/