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AutoZone Failed Breakout

Published 04/10/2013, 12:19 AM
Updated 07/09/2023, 06:31 AM
AZO
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Through the course of any trading day, I take snapshots of the most interesting charts, save them, and write up a post about them when I have time. Yesterday, I took a snapshot of AutoZone (AZO) as a short candidate, but unfortunately I didn’t get around to doing a post on it (I did, however, mentioned it explicitly in my video last night).

I entered today short AZO and long puts on the same. I’ve covered the short and sold the puts for now, although I think there’s plenty of opportunity for lower prices ahead. What drew me to this short in the first place was its failed bullish breakout; what will bring me back in would be a retracement back to its failure level.
AZO

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