O'Reilly Automotive, Inc. Stock Forecast
Stronger technical forecast for O'Reilly Automotive, Inc. stock price after Wednesday trading.
(Updated on Apr 17, 2024)
The O'Reilly Automotive, Inc. stock price gained 0.486% on the last trading day (Wednesday, 17th Apr 2024), rising from $1,089.51 to $1,094.80. During the last trading day the stock fluctuated 1.11% from a day low at $1,091.14 to a day high of $1,103.30. The price has fallen in 7 of the last 10 days and is down by -3.37% for this period. Volume fell on the last day by -219 thousand shares and in total, 316 thousand shares were bought and sold for approximately $346.12 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 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 $1,072.81 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 10.09% during the next 3 months and, with a 90% probability hold a price between $1,181.05 and $1,318.46 at the end of this 3-month period.
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ORLY Signals & Forecast
There are mixed signals in the stock today. The O'Reilly Automotive, Inc. stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1,108.03. On a fall, the stock will find some support from the short-term average at $1,085.99. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 2.39%. Further rise is indicated until a new top pivot has been found. 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.
Support, Risk & Stop-loss for O'Reilly Automotive, Inc. stock
O'Reilly Automotive, Inc. finds support from accumulated volume at $1,067.02 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $12.16 (1.11%) between high and low. For the last week, the stock has had daily average volatility of 1.64%.
Our recommended stop-loss: $1,040.93 (-4.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (ORLY) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect O'Reilly Automotive, Inc. to open at $1,096.41, and during the day (based on 14 day Average True Range), to move between $1,076.36 and $1,113.24, which gives a possible trading interval of +/-$18.44 (+/-1.68%) 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 3.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,113.18 (1.68%) than the support at $1,067.02 (2.54%), 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.
Earnings coming up
O'Reilly Automotive, Inc. will release earnings AMC on Wednesday, April 24, 2024.The consensus among the analysts for the expected earnings (EPS) is $9.19. We will update the financials statements for O'Reilly Automotive, Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.25% in the first trading day after earnings release.
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.375 Hold/Accumulate Upgraded
Predicted Opening Price for O'Reilly Automotive, Inc. of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $1,096.41 ( 0.147%) | $1,094.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ORLY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,108.57 | 1.26 % | |
| R2 | 1,103.93 | 0.83 % | ||
| R1 | 1,101.06 | 0.572 % | ||
| Current price: | 1,094.80 | |||
| Support | S1 | 1,091.77 | -0.277 % | |
| S2 | 1,088.90 | -0.539 % | ||
| S3 | 1,084.25 | -0.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,162.94 | 6.22 % | |
| R2 | 1,116.90 | 2.02 % | ||
| R1 | 1,113.18 | 1.68 % | ||
| Current price | 1,094.80 | |||
| Support | S1 | 1,067.02 | -2.54% | |
| S2 | 1,028.10 | -6.09% | ||
| S3 | 1,020.83 | -6.76% |
FAQ
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