Time To Change The OilAZO Has the appearance of having completed its leg up, and still has room to move downward toward 888 area in my opinion. Below are multiple timeframe looks at possibilities of this look like. Weekly chart would appear to be presenting AZO in a possible first wave in a longer term view. On the daily, printed a big fat huge bearish engulfing candle last Friday. Sww attached image. Pretty self explanatory after that. Happy hunting and GLTA!! commodity.com
AZO trade ideas
Autozone short-term rebound setupAutozone has been in a downward slide, but we have two support levels coming up that could push it upward through its trendline for a short-term rebound. A break through that downward trendline is the buy signal. Autozone has excellent analyst ratings and a long-term uptrend.
$AZO BULLS STILL IN CONTROL $1100 PRICE TARGETAutoZone’s strategy of fast delivery of high-quality products is expected to drive third-quarter fiscal 2019 results. Besides having a growing physical presence through ramping up store openings, its online platform is adding to a impressive growth performance, these online initiatives will further improve sales and market share for the leading retailer and distributor of automotive replacement parts and accessories in the soon-to-be-released quarter.
This is one company that has not let AMAZON walk all over it, specialist companies have loyal and long standing relationships with suppliers and customers.
ANALYSTS RATING OVERWEIGHT
ANALYSTS PRICE TARGET $1050
AutoZone, Inc. engages in the provision of retail and distribution of automotive replacement parts and accessories. It operates through the Auto Parts Locations and Other segments. The Auto Parts Locations segment provides automotive parts and accessories through the company's stores in the U.S., Puerto Rico, Mexico, and Brazil. The Other segment consists of ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry.
I've got crabsThis is like the babushka doll of crab patterns... 1.618XA and 2.0XA of the large and medium patterns line up really close and rejected the price action Friday. 1st PT of the smallest crab lines up w channel support. This is another one of those consumer cyclicals I'm looking to trade as they don't track the indices as closely as something like tech.
AZO Approaching Supoprt, Potential Bounce! AZO is approaching our first support at 795.50 (horizontal overlap support, 100%, 61.8% Fibonacci extension, 50%, 23.6% Fibonacci retracement) where price might bounce to our resistance at 894.11 (horizontal swing high resistance).
Stochastic (55,5,3) is also approaching support where we might see a corresponding bounce in price.
AZO approaching suport, potential bounce! AZO is approaching our first support at 795.92 (horizontal overlap support, 100% Fibonacci extension, 23.6% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 893.64 (horizontal swing high resistance).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
Find and Trade the Winners....Not the Losers!!!Here is how I trade:
1. I find WINNING investments (aka: Above the 200 hour EMA)
2. I look for clear winning scenarios (aka: Low crossing stochastics)
3. I play the odds in my favor (aka: Using stop losses and take profit levels)
Way too many people have a pride for the economy. They think that it can never go down. They are almost insulted by the drops in the market. I look at things unbiased. I don't care what is going up. I don't care what is going down. I simply find what is going up and I trade that. I don't make things complicated. I don't buy into falling assets. I play this game with the odds in my favor.
You might LOVE NASDAQ:AAPL . But....right now they are getting smacked along with all of the other companies that people love. If you are a trader, why would you join the bloodbath?
Here is something good to think about:
Stocks move in trends and it is much more likely for a stock too continue in its current trend than too switch directions (this is a FACT. Think about it, the reversal happens every once and awhile while the trends occur all of the time).
So why are so many people out here trying to pick the reversals? Why do so many people buy into stocks that are clearly in bearish trends?
I think what I said above explains why so many people lose.
This is a game of probabilities. Play WITH the odds. Not against them.
It all comes down to whether you are in this for the long or the short term.
Long-Term Thinkers:
- Play with the odds
- Take their emotions out of it
- Have high win-rates
- Track their trades
- Make money
Short-Term Thinkers:
- Play against the odds in hopes of massive returns
- Get emotional and make rash choices
- Lose more than they win
- Think they are good traders since they don't track anything
- Lose money
It's your choice who you want to be.
AZO: An earning beat but a sales miss caused AZO to drop 10%2 days ago. I am not crazy about AZO. It has fallen twice in recent memory to HnS patterns. However, the recent fall has followed the general market with a major correction after the Jan 26 top. If the market goes on a wave 5 now and AZO follows, there is a good chance it will get to a new ATH or at least close to the previous Jan 26 top. The rewards to risk ratio is very high imo.