Bearish DailyPlay for Friday Feb 24th, 2017 – Advance Auto Parts (AAP)
The bearish DailyPlay we chose for Friday Feb 24th is Advance Auto Parts (AAP). AAP is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 2.16% move higher and its 1m and 6m trend is bullish but recently bounced lower off its $87 resistance level.
Advance Auto Parts’s 1m and 6m trends turned bearish on 2/22 while breaking below its $160 support level on high volume. With a technical score of 3 (out of 10), AAP is a strong bearish stock that looks to continue lower.
As a stop loss, if AAP was to trade above $160 for multiple days, this would invalidate our analysis and suggest getting out of the trade.