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Possible Bearish Inside Day Candle Pattern Detected for Autozone Inc (NYSE:AZO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Autozone Inc (NYSE:AZO) based on the price action in the company's shares. Yesterday's price range of $1,025.52 and $1,035.25 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. Owners of Autozone Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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 the United States, Puerto Rico, and Mexico.

Autozone Inc share prices have moved between a 52-week high of $1074.67 and a 52-week low of $597.00 and closed yesterday at 73% above that low price at $1034.82 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 0.7%.

Based on a current price of $1034.82, Autozone Inc is currently 26.2% above its average consensus analyst price target of $763.58. Autozone Inc shares have support at the 50-day moving average (MA) of $1019.51 and additional support at the 200-day MA of $866.42.

SmarTrend is tracking the current trend status for Autozone Inc and will alert subscribers who have AZO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle autozone inc

Ticker(s): AZO