Stock to Sell #3 – Genuine Parts (GPC)
Genuine Parts (NYSE:GPC), a leading distributor of wholesale automotive parts, is struggling to maintain its technical pattern. A double-top appears to be forming and is reinforced by the falloff in volume at just above $66.
The company recently reported slightly better-than-expected earnings, but the stock failed to have a follow-through in price. If it does not make a new high soon, GPC could break support at its 50-day moving average and plunge to around $58.
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