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Advanced TA SearchArchive
- 5/17/2024 -
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Copart (CPRT) Technical Analysis
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| Summary:
| | | Weekly : | | Daily :  
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| | It was the negative week for the Copart (CPRT). During the week, the CPRT gave back -0.24 points, or -0.44%, and closed at 54.50 on Friday, May 17, 2024. Weekly volume was 35% above average.
 Long-term trend: [See CPRT long-term trend chart]
A long-term downtrend had started on November 16, 2021 at 161.12 and reached 42.41 on October 3, 2023. CPRT lost 118.71 points, or 73.68%, in 98 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 33.18 and resistance is at 60.96. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a long-term trend.
 Medium-term trend: [See CPRT medium-term trend chart]
A medium-term uptrend had started on October 3, 2023 at 42.41 and reached 58.58 on April 1, 2024. CPRT gained -16.17 points, or -38.13%, in 25 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 51.59 and resistance is at 61.25. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See CPRT weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See CPRT short-term trend chart]
A short-term uptrend had started on April 19, 2024 at 52.41 and reached 56.13 on April 29, 2024. CPRT gained -3.72 points, or -7.10%, in 10 days. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (55.17) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. CPRT may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
 Daily Technical Indicators: [See CPRT daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The distance between the Bollinger Bands is falling, and it was 4.62% on Friday. It is 77.87% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
 Candlestick pattern: [See CPRT candlestick chart pattern]
On Friday the chart has formed a Bullish Meeting Lines Candlestick pattern. This pattern appears during a decline, and it is a sign that a potential bullish reversal is in play. The reliability of the Bullish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bullish Meeting Lines Candlestick pattern during the last week.
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