Copart Breakout?
Gary S. Morrow | Apr 09, 2021 11:52AM ET
Copart Inc (NASDAQ:CPRT) is extending Thursday’s trendline break. This key overhead trendline links the January and February highs. With solid footing underneath we believe CPRT is set up well for a fresh rally leg. The company engages in the provision of online auctions and vehicle remarketing services.
The 50-day moving average, which proved solid numerous times last year, is back in a supportive position. Along with the March highs ($112.30) the 50D ($111.50) marks a key zone.
CPRT is far from overbought (daily/MACD). After putting in four straight lower monthly highs (the huge Nov. 9 key downside reversal sucked all the momentum out of the 2020 rally), the stock is working on a higher monthly high/higher monthly low.
On the downside, a close back below $111.00 would violate this week’s low indicating the current breakout move has failed.
Note: We have no position.
You can read Gary S. Morrow's original post here.
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