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PRTS trade ideas

$PRTS:NASDAQ - US AUTO PARTS NETWORK - 650% 12 month gainPRTS has been having a crazy run over the last 12 months. Might have been on a bit of a pause before hopefully another run especially as it is still sitting below $10 a share. Worth a watch. U.S. Auto Parts Network, Inc. engages in the provision of automotive aftermarket parts. The firm's flagship websites include www.autopartswarehouse.com, www.carparts.com, www.jcwhitney.com, www.automd.com and www.usautoparts.net. Its products include Collision Parts, Engine Parts, Performance Parts and Accessories. The company was founded by Sol Khazani and Mehran Nia in 1995 and is headquartered in Carson, CA.
NASDAQ:PRTSLong
by zAngus
Price action accelerating into earningsAnother big week for PRTS. The PA seems to have made a jump to the higher price fork and is leaving the main part of the channel its been in since March. There have been have few times the price left this channel, above it in early June, and below it in late June. Although note during that period how it obeyed the fork the entire time. It pushed above on big volume again but on the pullback found support on the new level of the trading fork at around $13.56. The Volume Profile already showing a new point of control at $13.67 as well which adds to the stability of the price action here. the 20 MA seems to be acting as a guide for the price as well. On the Daily chart The RSI wedge is still in play, and it's now at the low point, suggesting there is room to the upside on Monday. MACD still very bullish as well. Given that the market overall rebounded very solidly off lows, fueled by strong moves in tech and Mondays have been usually quite green, I'm betting we see price reach up to the $15 range. The lower green support lines may not be in play for a while. I typically only buy at recognizable support levels, but I took a small bet on the fork level support and especially the RSI support and bought some OTM calls.
NASDAQ:PRTSLong
by Kazparov
Trend update: Volume Profile and POCCurrently the stock is in no mans' land in the middle of its price channel. For those of you not using the volume profile for your trading here's a good example of what you can see. Firstly on the hourly chart above we can see that the Point Of Control (Horizontal Red Line) was at $12.47 while the stock consolidated in the Bull pennant from last week. Point of control is the spot where the most volume was traded, and can act as support or resistance depending on what side of it you are on. Note how today, the share price retreated down from it's overbought peak yesterday, touched the POC before moving up today. Note as well on the hourly chart the upper price bounced off the white line of the trading fork. Now if we shrink to the 5min Chart We can see that a new point of control is being created, at 13.20 which is where the price is resting now during the middle of the trading day. Depending on overall market action We will either see a return up to the upper boundary (Red channel line) around 13.95 or a retrace down to the older point of control or belwo where it meets the lower (green) channel line. My guess is is retraces lower before higher and that we see a price somewhere between 12.25-12.50 which for me is the buy zone.
NASDAQ:PRTS
by Kazparov
1
Another leg up. Get ready for a retracePRTS exploded again today as expected on big volume. Currently 12pm EST and there is almost the full volume from total yesterday. Price reached above the channel and now looks to be finding support at the top of the channel here. Would not be surpirsed if today's close ends up under the top channel line I've sold most of my position, a bit too soon but cost base was just over $10 so a healthy profit. Have picked up some Aug21 12.50 Puts near the top. Note that the Point of Control on the volume profile is still down at 12.47. I expect a retracement to this level or lower in the next few days. My first buy order set for that area. Will look to add on dips below that area as well. Tradingview has an error on the earnings reporting date. It's Aug 10th not the 6th Happy trading everyone.
NASDAQ:PRTSLong
by Kazparov
1
Key Reversal week? Or pullback in a trend continuation? Share price sold off on Friday morning, recovered to positive territory before closing lower at the bell. The market in general sold tech pretty heavy on Thurs/Fri. Somewhat concerning is the close below the price fork (White line) That is the first time since the uptrend started we have EVER seen a retracement below the current level of the trading fork since PRTS started moving up in March. The RSI also barely breached the support line. Also the first time this has been breached since early March. On the weekly chart It's the first big red candle since the uptrend started. The bottom wicks of the current bull pennant (hourly) look like the consolidation phase may be pushed out toward earning date. Note that the SP did still close within the main channel (Green & Red line) so technically the trend is still intact. I am less concerned with a wick running outside the channel than if the close finishing outside. The real telling thing for me here is volume. On the weekly level it was average to below average volume. Friday was well below average as well with less that half of the normal amount of shares traded. The bears seemed to lack follow through toward the lower range of price. While I'm watching the action very carefully going into this week I am leaning toward that this was a normal pullback and NOT a key reversal moment.
NASDAQ:PRTSLong
by Kazparov
5
Another Bull Pennant on PRTS As expected there is another Bull pennant forming for PRTS. Price has touched the bottom & top of the pennant now 3 times to the top and 2 times to the bottom. Note the the white line of the current level of the trading fork held as support. The main channel is clearly defined with the Green & Red lines and is still in play. I expect some more sideways action for the rest of the week before taking the next leg up. The next step up in the trading fork will be reached likely by the end of July. Price by earnings should the trend keep going could be as high as $14.70 On the daily chart the RSI support line is still in play and rising.
NASDAQ:PRTSLong
by Kazparov
PRTS a top gainer, rising +408.18%. Expect Uptrend continuationUS Auto Parts Network (PRTS, $11.18) was one of top quarterly gainers, jumping +408.18% to $11.18 per share. Tickeron A.I.dvisor analyzed 24 stocks in the Internet Retail Industry over the last three months, and discovered that 24 of them (100%) charted an Uptrend while none of them (0%) trended down. Tickeron A.I.dvisor found 336 similar cases when PRTS's price jumped over 15% within three months. In 218 out of those 336 cases, PRTS's price went up during the following month. Based on these historical data, Tickeron A.I. thinks the odds of an Uptrend continuation for PRTS are 65%. PRTS's Aroon indicator reaches into Uptrend on July 17, 2020 For traders, this could mean going long on the ticker or exploring call options in the next month. Tickeron AI shows that in 168 of 209 cases where PRTS Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 80%. Bullish Trend Analysis The Momentum Indicator exceeded the 0 level on July 08, 2020. Traders may consider buying the ticker or exploring call options. Tickeron AI shows that in 68 of 94 cases where the ticker's Momentum Indicator exceeded 0, its price rose further within the subsequent month. The odds of a continued Uptrend are 72%
NASDAQ:PRTSLong
by tickeron
Another breakout. Trading Fork??? Another day, another breakout on good volume for PRTS. A member of our trading community on Slack who trades price forks helped me plot this out. Lines on the fork are a bit approximate. I was trying to chart out the escape for the main upward channel and came across this idea. The main channel is still the Red/Green line and we touched the top today and then pulled back. But overall its in yet ANOTHER fork which we have plotted out forks on almost all of the indicies ETFs and stock we follow in the slack group . This explains how the PA slips out of the main channel (for example on the large Bull Pennant Through June/July ) but still follows the overall trend and jumps back to the channel Lines always are subjective and I think I need to play with these a bit still. But adding the additional big picture structure helps me plot out future trades and exits. Feedback please.
NASDAQ:PRTSLong
by Kazparov
Trend continuation. Another day confirming consolidation at the current price level. The whole NQ was very volatile today, and at least in my view, the last two days decline had more to do with the overall market sentiment than anything fundamental on PRTS itself. Note that the entire candle (all the entire candles) are fully contained within the uptrend at this price level. Also within the Bull Pennant but that could be drawn a number of ways. There was a small gap at 10.15 which was closed today. Gaps tend to like to get closed before a trend resumes so it's good that was cleared up. Key support appears to be at 10.29. Price fell below that briefly today but quickly came back above it. Also note that the RSI support line still held. See my other post about the concerns I have moving forward regarding that. Will be interesting to see if the bright green upward trend line holds as support or if the price extends out sideways toward the lighter green line like the last bull pennant.
NASDAQ:PRTSLong
by Kazparov
Is the end in sight to the PRTS rally ? PRTS retraced today in normal fashion back down to support. Its very early but its quite possible its forming another bull pennant which Ive drawn in. Not concerned with todays pullback. on a high beta stock like this multi % days up and down are the norm. Especially after a massive move up last week. It did stay within the uptrend established back from the low in March. What is interesting is the wedge and rising support line in the RSI on the daily. If the trend continues at some point soon (likely just before earnings) the stock will be in a perpetual state of being oversold. That in itself is not a signal to sell. I think another breakout up is very possible but am personally eyeing an exit strategy where the new bull pennant (if its confirmed) and the rising support line in the RSI are going to coincide with Q2 earnings.
NASDAQ:PRTSLong
by Kazparov
1
PRTS Strong move up after Bull pennant consolidation. PRTS spent a long time consolidating and actually pushed itself out of the upward channel it created on the way up. It's now made a retracement into the channel and it is close to touching the upper line. Note that it had broken out above the main channel before creating the bull pennant. Interesting to note was that during the recent overall market corrections on June 15 and June 29 that is didn't move to much to the down side.
NASDAQ:PRTS
by Kazparov
1
PRTS soars +231.46%, reaches a 3-month high. Expect an uptrendUS Auto Parts Network (PRTS, $8.85) gained +231.46% and reached a new high over the last three months. By comparison, the broader Internet Retail Industry returned 95.9% over the same period of time. I analyzed 25 stocks in the Internet Retail Industry over the same period of time and found that 25 of them (100%) were in an Uptrend while none of them showed a Downtrend. I found 335 similar cases when PRTS's price went up 15% within three months. In 217 out of those 335 cases, PRTS's price went up during the following month. Based on these historical data, I think the odds of an Uptrend continuation for PRTS are 65%.
NASDAQ:PRTSLong
by tickeron
Had To Dig Deep For Technical Levels - PRTSPRTS has been on a great run. They just added Icahn Auto SVP to the team too. I think the move toward automotive lately is a good sign for companies like PRTS. But given that fact, the momentum has to slow sometime, doesn't it? It's been on a great run since April. I just hope the company doesn't get carried away with raising new money, etc. like so many other penny stocks have in the last few months. " Craig-Hallum also set a target price of $4 for the stock. Soon enough, there was a rally in the stock. However, this isn’t just an overnight penny stock to watch. Shares of U.S. Auto have been on the rise since mid-October. Around that time, the penny stock traded under $1.50 a share but has since jumped to highs of $2.78 this week...U.S. Auto has begun building its leadership team stronger. Most recently it appointed Icahn Automotive SVP David Morris as Chief Merchandising Officer. What will this mean for the future of U.S. Automotive moving forward?" <- I agree with this question. SOURCE: 5 Penny Stocks To Watch Before Next Week; 1 Up 720 % Since December
NASDAQ:PRTS
by PennyStocks101