ORLY pushes through Wednesday's high
O'Reilly Automotive Inc. (ORLY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ORLY ended Thursday at 326.74 gaining $27.82 (9.31%), strongly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 314.74, the stock confirmed its breakout through the previous session high after trading up to $14.26 above it intraday.
Daily Candlestick Chart (ORLY as at Mar 26, 2020):
Thursday's trading range has been $29.00 (9.67%), that's above the last trading month's daily average range of $23.95. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ORLY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, ORLY actually lost -10.33% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for O'Reilly Automotive. Out of 576 times, ORLY closed higher 50.35% 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 56.42% with an average market move of 0.57%.