Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section ADVANCE AUTO PARTS, listed on the New York Stock Exchange.
ADVANCE AUTO PARTS INC (AAP)
Advance Auto Parts, Inc. provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 7 month-long rectangle with the upper boundary acting as resistance at 182 and the lower boundary as support at 150 levels. Both boundaries were tested several times over the course of the chart pattern. A daily close below 145.5 levels will confirm the breakdown from the 7 month-long rectangle with the possible chart pattern price target of 124 levels. Rectangle can act as a reversal as well as a continuation. Until there is a breakout above 182 levels or a breakdown below 150 levels the chart pattern offers a trading opportunity between the boundaries. (Data as of 04/06/2019 EST 12:30 pm)
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