Todays earnings report from NYSE:AZOwas bullish as we expected and the stock has moved considerably higher, our expectations are very much the same for NYSE:AAP whom report tomorrow before the bell. In our last analysis we had hoped for a breakout above $183 which failed but this remains our breakout level which will soon be tested once again. Despite falling...
Advance auto parts is looking poised for a breakout, we are looking for a price above $185 for a possible entry leading to a nice inverse H&S pattern. AAP has lagged behind competitors like Autozone in price action whom has already broken out. Patience will bring rewards.
This is one of the Nasdaq stocks.
A lot of people simply does not know this tool - LOG scale
The chart shows a perfect channel for the waves 1-2-3-4
JUST COMPARE WAVE 4 ON A REGULAR CHART AND YOU WILL SEE WHERE SHOULD YOU START TRADING WAVE 5
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.
Engulfing red outside
MACD confirmed downtrend
Stoch fast line heading lower
OCt 29 lower high
Sep 21/Oct 16 double top
Double top...she gotta drop!
Gap to fil
Was gap and go, now reverting/retest
Price consolidation before breakout/down
Great looking bearish bat with good looking bearish divergence on the volume weighted MACD, and price has reacted well to the PRZ (orange box). I am looking at the March 2019 (I might also be looking as soon as December), just out of the money, puts. They look incredible right now! Setting the stop loss of 35% on my position when I open it tomorrow, and my...