iAnneTrader

GPC double gap up

Long
NYSE:GPC   Genuine Parts Company
GPC has spent most of 2014 in consolidation. The high of February proved to offer very strong resistance and price tested it a couple of times before finally breaking through. Once resistance had turned into support the uptrend has continued with some momentum.

On the daily chart there was a bit of stickiness around the $100 figure but now there is no specific resistance ahead. Last week Thursday's bar gapped up with higher volume and a bullish bar. This looked like a good near-term buy opportunity but the following day price gapped up again on higher volume - but this time with a bearish bar.

This could still present a good near-term buy but with the Christmas break fast approaching I will stand aside on this one - for now. I may look at it again next year for a longer-term trade.