I have posted on ORLY before (in early November) and since then it has gone on to experience a lovely linear trend.
After the first gap up I was waiting for a pullback followed by a breakout to enter the trade. This happened on the day of my last post so I was able to enter on the next bar. Yesterday's gap up added to my equity so overall I am happy with this...
ORLY has convincingly broken out of an 8 month range. Last week a bullish flag was confirmed on the weekly chart.
On the daily chart price gapped up on higher volume. Support is now around the 160 zone.
The gap was too soon to enter on a longer term strategy, due to the prolonged consolidation - it could have been a fakeout.
I will be waiting for a pullback...
ORLY had what I consider to be a gap and go. It broke out of a distribution phase, yesterday's candle was black and it's trapping anyone who sold short. Expect a short squeeze to happy and ORLY continue much higher. Regardless, great risk:reward
This could just go neutral for a week or two then jump again. But i think its going to re-trace itself about half way. I normally dont look at the big charts like 1w but this stock is one you would want to go long on, at-least for now. May short it will tight stops and then go long if i can get in at a good price.
$ORLY. Clearly having problems with breaking out and with their competitors doing a much better job of things, such as $AZO and @AAP, I am not feeling this immediate long at all. My senses tell me there is a pull back ot occur : unless some very tender intra-day numbers off of Friday hold : As for the OPTIONS CHAIN : not sure yet how to best overlay : but it is...
