Ape

Potential short for AZO

Short
BATS:AZO   AutoZone, Inc
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AZO is approaching its' down sloping trend line on divergence in the technical indicators. Both the MACD and RSI have created new highs, while the price action has failed to reach new highs. The stochastic indicator has shown negative divergence on this recent move up. The key level here is 390. If AZO is going higher it is going to have to maintain support over 390. Based on the trend line and indicators I believe AZO will test 390, even possibly spike over it and then get rejected. Again, 390 is a key area of resistance, if AZO is rejected at this level I predict that AZO will come down to my target level of 350-340.

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