Copart, Inc. : Anticipation of a bearish reversal
May 06, 2013 at 09:46 am
By
Entry price | Target | Stop-loss | Potential |
---|
US$35.39 |
US$33.8 |
US$37.96 |
+4.49% |
---|
Indicators argue for a technical correction after the last bullish movement recorded in past sessions.
Technically, the security could run out of steam close to the USD 36.6 resistance. Indeed, the stock is moving in an upward trend in the short term but it could know a halt. In this context, the downward movement could improve and it should expect a return to USD 33.8. Indicators that show an overbought situation confirm this scenario.
Due to the technical configuration investors can open a short position close to the USD 36.6 resistance. The price target is set at USD 33.6 and a stop loss will be placed above USD 36.6.
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