How to trade O’reilly Automotive $ORLY With Risk Controls
Jan 22, 2021 (Stock Traders Daily via COMTEX) —
Price matters most to making money in the market. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time.
The O’reilly Automotive (NASDAQ: ORLY) report below can help you, but we have more details too. The trading plans for ORLY, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.
Long Term Trading Plans for ORLY
January 22, 2021, 8:30 am ET
The Technical Summary and Trading Plans for ORLY help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this ORLY Report.
ORLY – (Long) Support Plan
The technical summary data tells us to buy ORLY near 430.99 with an upside target of 476.53. This data also tells us to set a stop loss @ 429.75 to protect against excessive loss in case the stock begins to move against the trade. 430.99 is the first level of support below 471.01 , and by rule, any test of support is a buy signal. In this case, support 430.99 would be being tested, so a buy signal would exist.
ORLY – (Short) Resistance Plan
The technical summary data is suggesting a short of ORLY as it gets near 476.53 with a downside target of 430.99. We should have a stop loss in place at 477.91though. 476.53 is the first level of resistance above 471.01, and by rule, any test of resistance is a short signal. In this case, if resistance 476.53 is being tested, so a short signal would exist.