• Return to Headlines

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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $153.81 and $154.90 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. Traders and investors interested in shares of Advance Auto Par may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $155.41, Advance Auto Par is currently 20.7% above its average consensus analyst price target of $123.28. The stock should run into initial resistance at its 200-day moving average (MA) of $157.76 and subsequent resistance at its 50-day MA of $159.35.

In the past 52 weeks, shares of Advance Auto Par have traded between a low of $130.09 and a high of $182.56 and closed yesterday at $155.41, which is 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

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 tracking the current trend status for Advance Auto Par and will alert subscribers who have AAP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle advance auto par

Ticker(s): AAP