ORLY unable to break through key resistance level

O'Reilly Automotive (ORLY) Technical Analysis Report for Jul 13, 2018

Highlights

ORLY unable to break through key resistance level
ORLY closes higher for the 2nd day in a row
ORLY closes within previous day's range after lackluster session
ORLY ends the day indecisive

TQ Sentiment

Report Sentiment:
16% Bearish
Technical Forecast:

Overview

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 chart for ORLY

Volatility

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.

Support/Resistance

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.

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 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.

Conclusion

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

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