O'Reilly Automotive Hit All-Time High In March, Nosedived AprilOn March 21, O'Reilly Automotive ( NASDAQ:ORLY ) stock hit an all-time high at 1169.11. However, in April, the stock nosedived and is currently trading at $1074.27 on Friday's session, down by 0.81%.
Despite the confusion in the auto market, O'Reilly Automotive ( NASDAQ:ORLY ), a leading retailer of auto parts and services, may see sales and profit gains, as auto shoppers may opt to wait and see which way the market wind blows.
O'Reilly Automotive ( NASDAQ:ORLY ) stock has a Relative Strength (RS) Rating of 83, which jumped into the 80-plus percentile with an improvement on Monday. But then the stock Plummeted on Friday's trading session now trading in the oversold territory, with a Relative Strength Index (RSI) of 38.49.
ORLY
ORLY Entry, Volume, Target, StopEntry: with price above 964.58
Volume: with volume greater than 343k
Target: 1042 area
Stop: Depending on your risk tolerance; 938.80 gets you 3/1 Reward to Risk Ratio.
This swing trade idea is not trade advice and is strictly based on my ideas and technical analysis. No due diligence or fundamental analysis was performed while evaluating this trade idea. Do not take this trade based on my idea, do not follow anyone blindly, do your own analysis and due diligence. I am not a professional trader.
5/25/22 ORLYOReilly Automotive ( NASDAQ:ORLY )
Sector: Retail Trade (Specialty Stores)
Market Capitalization: $39.973B
Current Price: $615.79
Breakout price: $621.50
Buy Zone (Top/Bottom Range): $609.20-$564.80
Price Target: $782.00-$788.00
Estimated Duration to Target: 406-418d
Contract of Interest: $ORLY 11/18/22 630c
Trade price as of publish date: $49.95/contract
ORLY.NAS_Swim Trading VZ Breakout_LongENTRY: 646.32
SL: 620.02
TP1: 672
TP2: 692
- ADX<20. Would like to be higher.
- RSI<50, >30. Prefer it to be above 50.
- Maintaining well at pivot point "P" and at 50% fib. level.
- Strength meter remains green indicating strength.
- RS showing increasing strength.
- 2 long shadow head red candles with volume on 30 Nov 2021 and 1 Dec 2021 is a concern.
- Entry based on breakout from VZ today but not a good closing.
ORLY "O'Reilly Automotive, Inc." LONG OPPORTUNITYO'Reilly is a well known automotive parts company with solid fundamental. Its price has been going higher and higher with occasional dips which make perfect buying opportunities ("buy the dip"). This one being one of them.
Good luck,
Your Ganbu
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$ORLY O'Reilly Auto - Short Term Play$ORLY O'Reilly Auto - Short Term Play
This stock has been in a tight channel range since its last earnings.
Looking at a short play here at the top of the channel leading into ER later this month.
Fundamentally, time spent driving in the US was down significantly for several months.
For an auto parts company, I can't imagine they had a great quarter...just speculating.
Near term target: $410-$420 range
$ORLY Overbought at Resistance - Spinning Top$ORLY O'Reilly - Looking overbought after tagging resistance last week at $334 with a spinning top candle on the weekly chart. Expecting a retrace near/medium term. Targeting sub-300 by next ER late October. Full retrace back down to previous all-time high would be $291.50 area.
ORLY driving higherORLY has convincingly broken out of an 8 month range. Last week a bullish flag was confirmed on the weekly chart.
On the daily chart price gapped up on higher volume. Support is now around the 160 zone.
The gap was too soon to enter on a longer term strategy, due to the prolonged consolidation - it could have been a fakeout.
I will be waiting for a pullback followed by a further breakout before considering buying into this one.