Generally stock is oversold on RSI , and about to get positive divergence on MACD. It's all depends on earnings. Holding cheap mid apr exp calls, about to add more if things are going to get interesting. Tight stop loss. Stock is sitting on significant support /resistance so if it slips - it will slump hard -10/-20$. So obviously earnings is a trade direction...
MACD below Zero-line. Waiting for Gap to fill back to $155 , then we will come back and see where trend is going.
AAP is approaching its support at 153.97 (channel support) where if broken, will trigger a further move down to its next support at 144.73 (38.2% Fibonacci retracement, horizontal pullback support). RSI shows that price has broken out of its ascending support-turned-resistance line which contributes to our bearish bias.
$AAP Advance Auto - Looking overbought meeting resistance just above $165 today. Expecting a retrace in the near/medium term, targeting mid-140s.
AAP is near a monthly high now. If it break and sustain above 138 then we can see 152-175 till end of this month. Monthly chart is very strong,so we can accumulate above 138 and can add more if pullback happens near 130-135 levels.
I am setting up a possible bullish swing trade on AAP. This is what I want AAP to do, breakout above resistance at $119.00 then pull back and re-test the old resistance which now should provide support. If AAP does breakout I will enter a limit order to buy a little above support, maybe at $119.35. If AAP does breakout I would hope to see a re-test fairly quick,...
AAP seems forming a nice fallen angel pattern. It also has some insider buying. We think it has good upside potential. To play this We would consider September $110 calls are $3.80. * Trade Criteria * Date First Found- July 25, 2017 Pattern/Why- Fallen angel pattern Entry Target Criteria- Break of $106.47 Exit Target Criteria- $127.23 Stop Loss Criteria-...
Advance Auto Parts - Long setup bouncing off trendline. ER end of May upcoming.
Classic Head and Shoulder formation. AAP was in a great business till a) Starboard took hold of the board, and b) Their market started disappearing to online retailers. c) Newer E-cars require much less of this d) Their inventory and margin issues are still unresolved. And these are tough things to resolve. You either get them right from beginning (Walmart,...
Look at the history of these two stocks going back to 2011. They are identical in performance and yet AAP reports its earnings FIRST and the stock tanked 30 points or 15% last month. Autozone reports on Dec 8th and could face a similar fate as AAP since they are in the same business. Lately, new car sales have taken off to the upside and at some point...