On Wednesday, after market, Copart (CPRT) is anticipated to release 3Q EPS of $0.63 compared to $0.66 the prior year on revenue of approximately $543.9M vs. $553.1M last year. The company provides online vehicle auctions and on May 18th, the company announced a new 45-acre location in Salt Lake City, Utah.
From a technical point of view, Copart's stock price has been increasing within a rising wedge pattern that began in mid-March. Price appears to be pushing above resistance at the 200-day moving average and making a higher high compared to the last high on May 12th, a bullish signal. The RSI is holding above a rising trend line and currently sitting over 60. If price continues to rise we are likely to see a retest of resistance at the $88.00 level and a further push towards $95.00. If price falls below the 20-day moving average support we could see a fall towards $77.00 and possible acceleration down towards $68.00.
Source: GAIN Capital, TradingView
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