ORLY unable to break through key resistance level
O'Reilly Automotive Inc. (ORLY) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ORLY finished the week 1.08% higher at 286.00 after gaining $1.09 (0.38%) today on low volume. Closing within the prior day's range, prices failed to decisively move past the previous 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 Candlestick Chart (ORLY as at Jul 13, 2018):
Friday's trading range was $3.91 (1.37%), that's below last trading month's daily average range of $5.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 286.86, O'Reilly Automotive closed below it after spiking as high as 289.38 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 290.34 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 281.18 where further sell stops could get activated. With prices trading close to this year's high at 290.35, upside momentum might accelerate should the share be able to break out to new highs for the year.