Possible Bearish Inside Day Candle Pattern Detected for Advance Auto Parts (NYSE:AAP)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Advance Auto Parts (NYSE:AAP) based on the price action in the company's shares. Today's price range of $154.44 and $155.64 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 Parts may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Potential upside of 24.3% exists for Advance Auto Parts, based on a current level of $154.57 and analysts' average consensus price target of $192.07. Advance Auto Parts shares should first meet resistance at the 50-day moving average (MA) of $157.11 and find additional resistance at the 200-day MA of $165.05.
Advance Auto Parts, Inc. is a retailer of auto parts and accessories. The Company operates stores in various states, primarily located in the northeastern, southeastern, and midwestern regions of the United States, and in Puerto Rico and the Virgin Islands.
In the past 52 weeks, shares of Advance Auto Parts have traded between a low of $131.59 and a high of $201.24 and are now at $154.57, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0.18% lower and 0.34% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Advance Auto Parts on May 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $151.57. Since that recommendation, shares of Advance Auto Parts have risen 3.4%. We continue to monitor AAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Advance Auto Parts