Trade Idea for Advance Auto Parts Inc. (NYSE)

Advance Auto Parts Inc. (NYSE)

#AAP

The trend is bullish. The stock is trading within the range of the 365 and 135 EMAs on the H1 timeframe. The truncated bearish wave structure has completed with a breakout of the descending channel. The Awesome Oscillator shows bullish divergence. An entry point is forming based on a “truncated wave C” setup.

Trading idea:

Buy upon the formation of a new bullish wave structure, where wave (A) breaks above the descending channel of the truncated bearish structure.

Stop Loss – 49.75.

Target levels – 56.00; 61.40.