ORLY stock: 'water logged and getting wetter'?

Financial analyst Trade-Ideas LLC identified O’Reilly Automotive Inc. (Nasdaq: ORLY) as a candidate for “water-logged and getting wetter” stock.

The recommendation is based on four factors of ORLY shares:

• average dollar-volume (as measured by average daily share volume multiplied by share price) of $77.9 million;
• traded 223,291 shares that day;
• traded in a range 222.5 percent of the normal price range with a price range of $3.79;
• traded below its daily resistance level (quality: 34 days, meaning that the stock is crossing a resistance level set by the last 34 calendar days. The resistance price is defined by the price – $0.01 at the time of the signal).

According to The Street, “water-logged and getting wetter” stocks are worthwhile to watch for a variety of factors, including historical back testing and volatility. Trade-Ideas said the stock was exhibiting unusual behavior while displaying negative price action.

During trading Friday, ORLY shares dropped from a peak of $155.70 to $153.83.

As of Friday, there were 13 analysts rating O'Reilly Automotive a buy, no analysts rating it a sell and six rating it a hold.
 
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