ORLY had what I consider to be a gap and go. It broke out of a distribution phase, yesterday's candle was black and it's trapping anyone who sold short. Expect a short squeeze to happy and ORLY continue much higher. Regardless, great risk:reward
It gapped down, traded up into a resistance and could roll over.
This chart is more bearish than bullish. This gap trapped a lot of bullish traders. The upper shadow reveals a lot of selling pressure. If we close below the low of the 10/22/14 candle, the trend likely will continue bearish.
I love the bullish gap up. Lower wick showing buying pressure. Closing above an all time high, great risk:reward - solid trade.
Based on a Fib extension. Looking to close above 104 and I'm more bullish than bearish. I am in covered calls that expire this week. (107). Likely will sell the 110 for Nov after this week