Copart Inc. - (CPRT) - March 1, 2023
Copart (CPRT), an online auction house for vehicles, has been steadily climbing up the rankings in the SIA NASDAQ 100 Index Report, starting in the red zone and recently returning to the Green Favored Zone for the first time since August. Yesterday, CPRT climbed 4 positions to 16th place.
Last summer, a selloff on Copart (CPRT) shares was contained by ongoing support near $52.50. The shares then spent the rest of the year base building between there and $65.00 with a bullish Golden Cross and an uptrend of higher lows emerging after October. This year, Copart has broken out of its base, completing a bullish Ascending Triangle pattern, and continues to climb, recently clearing $70.00.
Initial upside resistance appears in the $77.50 to $80.00 area between a measured move and the shares October 2021 peak, followed by a measured $90.00. Initial support appears near $65.00 where the 50-day average and a retest of the recent breakout point converge.
Back in December, Copart (CPRT) completed a base with a bullish Spread Quadruple Top breakout. Since then, the shares have remained under accumulation with a small correction bottoming at a higher low and the shares then completing a Bullish Catapult with a Double Top breakout to climb to their highest level in over a year.
Initial upside resistance appears at the November 2021 peak near $80.65 followed by a cluster of vertical and horizontal counts in the $87.30 to $89.05 zone. Initial support appears near $64.85 based on a 3-box reversal and a retest of a breakout point.
With a perfect SMAX score of 10, CPRT is exhibiting strength across the asset classes.
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