Rochester,NY 7/9/2009 1:00:35 AM
Afternoon Movers - ORLY - O'Reilly's Base Shows Tight, Shallow Form - Sourced WhisperFromWallStreet.com
O'Reilly Automotive Inc.
Afternoon Movers - ORLY - O'Reilly's Base Shows Tight, Shallow Form - Sourced WhisperFromWallStreet.com
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O'Reilly Automotive Inc. ORLY
After Hours: 39.56 1.55 (4.08%) 1:53pm ET
O'Reilly Automotive broke out and stalled for a few weeks before the market did the same.
The auto parts company advanced 28% from a February breakout before topping on April 30. Since then it's been basing.
Because the market rallied for more than a month after O'Reilly's run-up ended, the stock's Relative Strength line started sagging.
The stock is forming a flat base. Since its peak, it has corrected 14%. The potential buy point 19 38.97, given a recent handlelike action.
O'Reilly was rebounding but hit a wall just below 39 in early June.
It then fell back near, but never below, the previous low in the base. Last week it rallied again, finding resistance near 39 once more. This could be an important resistance level.
About
O'Reilly Automotive, Inc. operates as a specialty retailer of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States. Its stores offer new and remanufactured automotive hard parts, including alternators, starters, fuel pumps, water pumps, brake system components, batteries, belts, hoses, chassis parts, and engine parts; maintenance items, such as oil, antifreeze, fluids, filters, wiper blades, lighting, engine additives, and appearance products; accessories, such as floor mats, seat covers, and truck accessories; and a line of auto body paint and related materials, automotive tools, and professional service equipment. The company's stores sell a selection of brand name and private label products for domestic and imported automobiles, vans, and trucks to do-it-yourself customers and professional installers. As of December 31, 2008, it operated 3,285 stores. The company was founded in 1957 and is headquartered in Springfield, Missouri.
Last Trade: 39.58
Day's Range: 38.31 - 39.70
52wk Range: 20.00 - 40.50
Volume: 1,862,137
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