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

By Nick Russo

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. Yesterday's price range of $164.72 and $168.58 is within the prior day'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.

In the past 52 weeks, shares of Advance Auto Par have traded between a low of $102.15 and a high of $186.15 and closed yesterday at $164.84, which is 61% above that low price. The 200-day and 50-day moving averages have moved 0.56% higher and 0.20% higher over the past week, respectively.

Advance Auto Par (NYSE:AAP) is currently priced 25.2% above its average consensus analyst price target of $123.28. The stock should find initial support at its 50-day moving average (MA) of $160.88 and further support at its 200-day MA of $158.25.

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.

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 am inside day candle advance auto par

Ticker(s): AAP