ORLY pops to highest close since April 24th
O'Reilly Automotive Inc. (ORLY) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ORLY ended the week 1.49% higher at 387.96 after edging higher $0.39 (0.1%) today on low volume, outperforming the Nasdaq 100 (-0.42%). Today's close at 387.96 marks the highest recorded closing price since April 24th. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ORLY as at Jun 14, 2019):
Friday's trading range has been $3.90 (1.0%), that's far below the last trading month's daily average range of $6.72. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ORLY.
Prices are trading close to the key technical support level at 385.90 (S1). After having been unable to move above 389.81 in the previous session, O'Reilly Automotive ran into sellers again around the same price level today, missing to move higher than 390.07. The last time this happened on Tuesday, ORLY actually gained 0.97% on the following trading day.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for O'Reilly Automotive. Out of 652 times, ORLY closed higher 54.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.04% with an average market move of 1.17%.