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Possible Bullish Inside Day Candle Pattern Detected for AutoZone (NYSE:AZO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in AutoZone (NYSE:AZO) based on the price action in the company's shares. Yesterday's price range of $604.05 and $612.93 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of AutoZone may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of AutoZone have traded between a low of $573.80 and a high of $819.54 and closed yesterday at $606.77, which is 6% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

AutoZone, Inc. is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. Autozone operates in United States and Puerto Rico, and Mexico.

AutoZone has overhead space with shares priced $606.77, or 30.3% below the average consensus analyst price target of $870.64. AutoZone shares should first meet resistance at the 200-day moving average (MA) of $751.68 and find additional resistance at the 50-day MA of $783.75.

SmarTrend recommended that its subscribers protect gains by selling shares of AutoZone on January 19th, 2017 by issuing a Downtrend alert when the shares were trading at $771.74. Since that call, shares of AutoZone have fallen 21.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle AutoZone

Ticker(s): AZO