O'Reilly Automotive, Inc. stock downgraded to Hold/Accumulate
(Updated on Dec 01, 2023)
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The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.41% during the next 3 months and, with a 90% probability hold a price between $956.11 and $1073.37 at the end of this 3-month period.
ORLY Signals & Forecast
The O'Reilly Automotive, Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $982.29. On a fall, the stock will find some support from the long-term average at approximately $952.36. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, November 13, 2023, and so far it has fallen -1.55%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for O'Reilly Automotive, Inc. stock
O'Reilly Automotive, Inc. finds support from accumulated volume at $973.34 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $10.53 between high and low, or 1.08%. For the last week the stock has had daily average volatility of 1.12%.
Our recommended stop-loss: $938.59 (-4.28%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (ORLY) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect O'Reilly Automotive, Inc. to open at $982.54, and during the day (based on 14 day Average True Range), to move between $966.39 and $994.65, which gives a possible trading interval of +/-$14.13 (+/-1.44%) up or down from last closing price. If O'Reilly Automotive, Inc. takes out the full calculated possible swing range there will be an estimated 2.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $982.38 (0.19%) than the support at $973.34 (0.73%), 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 O'Reilly Automotive, Inc. stock A Buy?
O'Reilly Automotive, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.374 Open Broker AccountHold/Accumulate Downgraded
Predicted Opening Price for O'Reilly Automotive, Inc. of Monday, December 4, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 4, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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