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Possible Bearish Inside Day Candle Pattern Detected for O'Reilly Automot (:ORLY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in O'Reilly Automot (:ORLY) based on the price action in the company's shares. Yesterday's price range of $307.22 and $325.52 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 O'Reilly Automot may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

O'Reilly Automotive, Inc. retails and supplies automotive aftermarket parts, tools, supplies, equipment, and accessories. The Company sells its products to do-it-yourself customers, professional mechanics, and service technicians. O'Reilly operates stores throughout the United States.

Over the past year, O'Reilly Automot has traded in a range of $169.43 to $448.53 and closed yesterday at $313.43, 85% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.6%.

O'Reilly Automot (:ORLY) defies analysts with a current price ($313.43) 8.9% above its average consensus price target of $285.68. O'Reilly Automot shares should first meet resistance at the 50-day moving average (MA) of $375.73 and find additional resistance at the 200-day MA of $399.43.

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

Keywords: bearish am inside day candle :orly o'reilly automot

Ticker(s): ORLY