O'Reilly Automotive Inc. (ORLY) has been a strong upside performer in the stock market since the middle of 2017. The company is among a group of "Amazon survivors" discussed by Jim Cramer on Mad Money late Monday. Can ORLY power still higher in the months ahead? Let's see how the charts and indicators look today.
In this daily bar chart of ORLY, below, we can see that a strong rally this year began with an upside price gap in late April. Volume surged and prices gapped above the rising 50-day moving average line and never looked back. ORLY is still above the bullish 50-day average line and the rising 200-day line. The daily On-Balance-Volume (OBV) line shows a strong rise from late April signaling aggressive buying but the line has turned flat/neutral the past six weeks. The daily Moving Average Convergence Divergence (MACD) oscillator turned lower in late August but it has narrowed towards a possible new outright go long signal.
In this weekly bar chart of ORLY, below, we can see prices in a strong move above the rising 40-week moving average line. The weekly OBV line is rising and confirming the price gains. The weekly MACD oscillator is bullish.
In this Point and Figure chart of ORLY, below, we can see an upside price target of $403 being projected. A decline to $328 may precipitate further weakness.
Bottom line strategy: ORLY has been consolidating its gains since early September but start of a fresh advance is probably just a matter of time. Traders can probe the long side at current levels risking a close below $330.