Advance Auto Parts Inc Stock Forecast
Evaluation of Advance Auto Parts Inc stock downgraded after the last trading session.
(Updated on Apr 26, 2024)
The Advance Auto Parts Inc stock price gained 0.576% on the last trading day (Friday, 26th Apr 2024), rising from $74.71 to $75.14. During the last trading day the stock fluctuated 2.43% from a day low at $74.15 to a day high of $75.95. The price has risen in 6 of the last 10 days and is up by 6.58% over the past 2 weeks. Volume fell on the last day by -659 thousand shares and in total, 709 thousand shares were bought and sold for approximately $53.27 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $72.52 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 23.12% during the next 3 months and, with a 90% probability hold a price between $89.29 and $115.16 at the end of this 3-month period.
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AAP Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Advance Auto Parts Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $76.78 and $79.29. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -13.08%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Advance Auto Parts Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $67.54 and $66.42. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Advance Auto Parts Inc finds support just below today's level at $67.54. If this is broken, then the next support from accumulated volume will be at $66.42 and $64.75.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.80 between high and low, or 2.43%. For the last week, the stock has had daily average volatility of 3.13%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AAP) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Advance Auto Parts Inc to open at $75.08, and during the day (based on 14 day Average True Range), to move between $72.35 and $77.93, which gives a possible trading interval of +/-$2.79 (+/-3.72%) up or down from last closing price. If Advance Auto Parts Inc takes out the full calculated possible swing range there will be an estimated 7.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $75.77 (0.84%) than the support at $67.54 (10.11%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Advance Auto Parts Inc stock A Buy?
The Advance Auto Parts Inc stock holds several negative signals and despite the positive trend, we believe Advance Auto Parts Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.375 Strong Sell Candidate Downgraded
Predicted Opening Price for Advance Auto Parts Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $75.08 ( 0.0799%) | $75.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AAP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 76.88 | 2.32 % | |
| R2 | 76.19 | 1.40 % | ||
| R1 | 75.77 | 0.84 % | ||
| Current price: | 75.14 | |||
| Support | S1 | 74.39 | -0.99 % | |
| S2 | 73.97 | -1.56 % | ||
| S3 | 73.28 | -2.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 84.25 | 12.12 % | |
| R2 | 78.48 | 4.45 % | ||
| R1 | 75.77 | 0.84 % | ||
| Current price | 75.14 | |||
| Support | S1 | 67.54 | -10.11% | |
| S2 | 66.42 | -11.61% | ||
| S3 | 64.75 | -13.83% |
AAP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 13, 2024 | Apr 11, 2024 | Apr 26, 2024 | $0.250 | 0.333% |
| 2 | Jan 11, 2024 | Jan 11, 2024 | Jan 26, 2024 | $0.250 | 0.377% |
| 3 | Aug 07, 2023 | Oct 12, 2023 | Oct 27, 2023 | $0.250 | 0.501% |
| 4 | May 30, 2023 | Jul 13, 2023 | Jul 28, 2023 | $0.250 | 0.342% |
| 5 | Feb 21, 2023 | Apr 13, 2023 | Apr 28, 2023 | $1.50 | 1.19% |
FAQ
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