Copart Stock Forecast
Evaluation of Copart stock downgraded after the last trading session.
(Updated on Apr 19, 2024)
The Copart stock price fell by -0.602% on the last day (Friday, 19th Apr 2024) from $53.20 to $52.88. It has now fallen 8 days in a row. During the last trading day the stock fluctuated 2.31% from a day low at $52.41 to a day high of $53.62. The price has fallen in 9 of the last 10 days and is down by -6.49% for this period. Volume has increased on the last day by 2 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 6 million shares were bought and sold for approximately $304.59 million.
Given the current short-term trend, the stock is expected to rise 17.83% during the next 3 months and, with a 90% probability hold a price between $62.31 and $70.85 at the end of this 3-month period.
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CPRT Signals & Forecast
There are few to no technical positive signals at the moment. The Copart stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $54.37 and $55.80. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -8.94%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Copart stock
Copart finds support from accumulated volume at $52.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.21 (2.31%) between high and low. For the last week, the stock has had daily average volatility of 2.05%.
Copart is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CPRT) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Copart to open at $52.97, and during the day (based on 14 day Average True Range), to move between $51.86 and $53.90, which gives a possible trading interval of +/-$1.02 (+/-1.94%) up or down from last closing price. If Copart takes out the full calculated possible swing range there will be an estimated 3.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $52.50 (0.72%) than the resistance at $56.13 (6.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Copart stock A Buy?
The Copart stock holds several negative signals and despite the positive trend, we believe Copart will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.973 Sell Candidate Downgraded
Predicted Opening Price for Copart of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
$52.97 ( 0.170%) | $52.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CPRT
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 54.18 | 2.46 % | |
R2 | 53.72 | 1.58 % | ||
R1 | 53.43 | 1.04 % | ||
Current price: | 52.88 | |||
Support | S1 | 52.51 | -0.704 % | |
S2 | 52.22 | -1.24 % | ||
S3 | 51.76 | -2.12 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 56.42 | 6.69 % | |
R2 | 56.25 | 6.37 % | ||
R1 | 56.13 | 6.15 % | ||
Current price | 52.88 | |||
Support | S1 | 52.50 | -0.719% | |
S2 | 51.38 | -2.84% | ||
S3 | 48.06 | -9.11% |
FAQ
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