AAP closes lower for the 4th day in a row


Advance Auto Parts (AAP) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
AAP closes below its opening price unable to hold early session gains
AAP finds buyers at key support level
AAP closes lower for the 4th day in a row
AAP finds buyers again around 105.02
AAP falls to lowest close since February 20th
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, AAP ended Monday at 106.45 edging lower $0.16 (-0.15%). Today's closing price of 106.45 marks the lowest close since February 20th. Trading $1.10 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AAP
Volatility

Monday's trading range was $3.01 (2.81%), that's below last trading month's daily average range of $4.04. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 105.02 during the day, the share bounced off the key support level at 105.21. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 105.39 in the previous session, the stock found buyers again around the same price level today at 105.02.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

With prices trading close to this year's low at 99.66, downside momentum could accelerate should AAP break out to new lows for the year. Trading close to February's low at 103.29 we might see further downside momentum if potential sell stops at the level get activated.

Conclusion

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

Market Conditions for Advance Auto Parts
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Jul 19, 2018
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