Top Takes From RealMoney

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Copart Assembling a Ramp

By Gary Morrow
12:26 p.m. EDT Copart (CPRT) is one of the top Nasdaq gainers this morning with a 9% surge. The stock is trading at new highs for the year after a breakaway gap higher open on heavy trade. Investors are reacting in a very positive way to yesterday's third-quarter earnings report.

CPRT Daily (NYSE) Copart TradeStation

The price action earlier this week in Copart was a strong indication that an important upside breakout was brewing. Back in late April the stock ran into heavy resistance near $32, ending a high-volume rally that had lifted the stock 25% in three weeks.

Copart was held back at this level again in April and May as the 10-week consolidation continued. Volume contracted dramatically as the sideways action in late April through early May dragged on. A spike in downside volume in the middle of last month could have easily destroyed the basing pattern but Copart remained above its April low and quickly recovered. ...