CPRT ready to push to new highsCPRT has a nice setup to continue pushing higher. Nice long lower shadow at a key support level indicates that buyers are stepping in. $145 is my PT for Friday.
CPRT trade ideas
Multiple Overbought Signals Pointing To A DipIn the case of CPRT, 5 of my algorithms signaled a SELL on April 6, 2021. Equities nearly always obey the signal and move down, but sometimes it may continue to move up first. I really like this one because the RSI signaled SELL a few days prior and it is an early warning signal of near-term movement
I have placed two red boxes and two green boxes on the chart. The larger red box depicts all of the historical movement, from a percentage standpoint, that this stock has moved on the 3 Hour chart after a SELL signal occurred. Therefore, this box represents 100% of previous movement upward before the stock finally moved downward. The smaller red box represents 50% of all historical movement upward, before the stock moved downward. The smaller box is more of a precise target for the potential top in this instance.
The green boxes represent the same thing. In this instance, the smaller green box would be my projected target for the final bottom.
The black dotted arrow represents median historical movement. Medians are a good metric, but they are just one of many I use when forecasting future movement.
As always, the stock could decline the very next bar after the signal without looking back (therefore the red boxes would not come into play) or the stock may never decline (and the green boxes may never come into play).
All statistics and the full analysis are available for free as always at the site below.
CPRT - Elliottwave analysis - Correction down CPRT - It has completed impulse up cycle in 4 hr time frame from major low. The sharp drop looks more like a wave A and expected to correct in B wave in choppy fashion. Sell it near 122-126 with stop level above 130.70 for target zone near 107 or even lower level.
Give thumbs up if you really like the trade idea.
V Bottom Possible C&HThe handle low is dangerously close to mid cup level which is 75ish A V bottom and cup and handle pattern both have the same B/O which is over prior high
So I guess in the scheme of things, it really doesn't matter. I drew the handle low in green because it can be an excellent source of support
I have owned this since the bottom but do not recommend it. You know how you just kinda like certain stocks? I find it is important to not get too attached..lol
Copart, Inc. provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology to vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as for individual owners. The company's services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, virtual insured exchange, transportation, vehicle inspection stations, on-demand reporting, title processing and procurement, loan payoff, flexible vehicle processing programs, buy it now, member network, sales process, and dealer services. Its services also comprise services to sell vehicles through CashForCars.com; and U-Pull-It service that allows buyer to remove valuable parts, and sell the remaining parts and car body. The company sells its products principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters, as well as to the general public. As of May 18, 2020, it operated through approximately 200 locations in 11 countries. Copart, Inc. was founded in 1982 and is headquartered in Dallas, Texas.
BUY to COPART INCHey investors, COPART INC is in a bearish configuration, it is in full decline with a strong sell volume traded. It is moving towards its last previous lower, following the sales of the previous session we can see a strong comeback of buyers to push the price up.
Great potential to go to the top of the equilibrium zone then to breakout, to arrive in the zone above and try to break it if there is liquidity to go.
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