AAP breaks below previous session low


Advance Auto Parts (AAP) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
AAP closes below its opening price unable to hold early session gains
AAP breaks below previous session low
AAP ends the day indecisive
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

AAP ended the week 1.15% higher at 146.35 after losing $1.44 (-0.97%) today on high volume. Trading $1.07 higher after the open, Advance Auto was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 146.46, the share confirms its breakout through the previous session's low having traded $1.34 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AAP
Volatility

Friday's trading range was $2.79 (1.9%), that's slightly above last trading month's daily average range of $2.65. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 148.70 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Advance Auto Parts
Condition Forecast Direction Win Avg Worst Best Events
4 Consecutive Higher Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AAP stuck within tight trading range

Aug 17, 2018
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