I grabbed shares of O'Reilly Automotive (NASDAQ:ORLY) Wednesday as the stock collapsed 20% on the back of poor same-store-sales numbers. The drop caused the stock to fall into major technical support at $175. In addition, the stock has been trading sharply lower in 2017, falling from a high of $277. This correction, including Wednesday's, has already factored in the fall in store sales and the technical chart level signals the bounce swing trade.
I'm looking for a bounce back to $205 in the coming weeks.