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, maybe 3 - 5 days.
If by chance AAP does not re-test and just keeps moving higher or does not breakout and moves lower from here, no big deal I will just look for another trade.
If by chance AAP does not re-test and just keeps moving higher or does not breakout and moves lower from here, no big deal I will just look for another trade.
Comment:
AAP had a failed breakout attempt on Tuesday - Wednesday, I still think AAP has a chance to breakout so I will leave this trade open through next week.