CPRT closes higher for the 4th day in a row
Copart Inc. (CPRT) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, CPRT finished the week 1.73% higher at 81.37 after gaining $0.31 (0.38%) today, underperforming the S&P 500 (1.09%). Trading $0.95 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 1st, CPRT lost -2.64% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CPRT as at Oct 11, 2019):
Friday's trading range has been $1.44 (1.76%), that's slightly below the last trading month's daily average range of $1.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CPRT.
Prices are trading close to the key technical support level at 80.75 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 83.70, upside momentum could speed up should the market be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Copart. Out of 88 times, CPRT closed higher 59.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.55% with an average market move of 0.85%.