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Possible Bearish Inside Day Candle Pattern Detected for Advance Auto Par (NYSE:AAP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Advance Auto Par (NYSE:AAP) based on the price action in the company's shares. Today's price range of $159.39 and $161.06 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Advance Auto Par may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Advance Auto Parts, Inc. is an automotive aftermarket parts provider that serves commercial and do-it-yourself customers, as well as independently owned operators. The Company operates stores in the United States, Canada, Puerto Rico, and the Virgin Islands.

Advance Auto Par share prices have moved between a 52-week high of $186.15 and a 52-week low of $138.67 and are now trading 16% above that low price at $160.74 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

Advance Auto Par (NYSE:AAP) is currently priced 23.3% above its average consensus analyst price target of $123.28. Advance Auto Par shares should encounter resistance at the 200-day moving average (MA) of $163.42 and support at the 50-day MA of $156.27.

SmarTrend is monitoring the recent change of momentum in Advance Auto Par. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Advance Auto Par in search of a potential trend change.

Keywords: bearish inside day candle advance auto par

Ticker(s): AAP