Autozone (AZO), popped up on a review of the charts this past weekend. Monday it broke above resistance and has been retreating the last 2 days. But the pullback has been on lighter volume, with smaller body candles and is holding above the breakout level. The Measured Move higher takes it to 455.00.
It is looking like a Rising 3 Methods candlestick pattern in the making. Of course that needs one move small body day holding over the breakout before a strong move higher. And Wednesday’s candle is a Hanging Man, potential reversal. But with the Relative Strength Index (RSI) in bullish territory and the Moving Average Convergence Divergence indicator (MACD) rising it may be time to get into the zone. Wait for the reversal on a hold at the 430 area. Try it with a tight stop now or protect with July 430/August 450 Collar for about a dollar.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Autozone: Getting Into The Zone
Published 07/11/2013, 02:07 AM
Updated 05/14/2017, 06:45 AM
Autozone: Getting Into The Zone
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