By Mill Chart
Last update: Sep 21, 2023
Our stock screener has detected a potential breakout setup on COPART INC (NASDAQ:CPRT). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:CPRT.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Taking everything into account, CPRT scores 7 out of 10 in our technical rating. In the last year, CPRT was one of the better performers, but we do observe some doubts in the very recent evolution.
Check the latest full technical report of CPRT for a complete technical analysis.
ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:CPRT is 8:
Besides having an excellent technical rating, CPRT also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 43.93, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.
Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.
Our Breakout screener lists more breakout setups and is updated daily.
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.
NASDAQ:CPRT (11/24/2023, 7:27:03 PM)After market: 50.81 0 (0%)
Wondering what's happening in today's pre-market session? Stay tuned for the latest updates on S&P500 stock movements.
Copart reports strong Q1 financial results, beating earnings expectations with GAAP EPS of $0.34, exceeding revenue estimates by $30.72M.
In the upcoming third week of November, while the pace of quarterly earnings is expected to slow down, investors are eagerly anticipating significant announceme
The upgraded 84 RS Rating means AutoZone stock beats out 84% of all stocks for price performance over the past year.
Stock splits are meaningless in terms of whether a business is good or not, but the market views them as bullish indicators of future growth.