Autozone has been in a clear uptrend since March 2021 and I'd see this uptrend continue after possible pullbacks. Areas plotted to look out for, duplicated trend lines expected to work as S/R zones, combined with daily and weekly MAs to be used as S/R confluences.
Car manufactures are backing down on the EV push.
So ICE base cars will be around longer than expected.
AZO solid earnings, profits, and extensive share buy back approach.
PE around 19.
Earnings tomorrow.
15 % Net Income Ration
Analyzing the options chain and the chart patterns of AZO AutoZone prior to the earnings report this week,
I would consider purchasing the 2500usd strike price Puts with
an expiration date of 2023-10-20,
for a premium of approximately $60.35.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward...
I like this break for a swing trade back to current highs. I like the EMAs back to 10 20 50's over each other for the swing trade. Let it break and then get in. One to put on your watch list.
ZO is within an up channel on this hourly timeframe
Another up trend is present within this channel, showing possible support for price nearing.
Im bullish.
Dear Traders,
I'm not expert in Wyckoff methodology, for which i need a second confirmation on my findings.
For a while i was watching Auto retails parts and repair, the financials are looking very bad, more specifically with current liabilities, raising interest rates and declining demand for new cars.
every analyst i watched in the last two months, are pushing...
The PEAD projected a Bullish outlook for $AZO after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 100%.
The PEAD projected a Bullish outlook for $AZO after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 85.71%.
Hello dear Traders,
Here is my idea for #AZO
Daily close above the yellow trigger line (previous month high) to enter trade.
We try to anticipate a 2-2 bullish reversal in the weekly chart - price found support at monthly pivot Line
Momentum: Weekly UP, Monthly UP
Targets marked in the chart (black lines)
Invalidation level marked with red line
Please feel free to...
I angled the support line a little lower since price action was dropping a little lower compared to the two strong bounces on the left of the chart. I don't expect much good news this week especially with the white house redefining what the word "recession" means; sheesh. But in any case, cars still need parts and I'm hoping investors know this (just look at the...
I have a position in AZO already.
Session from Thursday looks like a shakeout. Moved to new local high on Friday. I am missing a bit a clear confirmation on volume.
Next decisive level will be 2267. After that we have blue ocean ....
Time will tell :)
Trade safely!
Are we ready to bounce with this solid company? Cars are more reliable but they do keep breaking. Did the insider sales help the selloff? If it breaks the trend line significantly I'll look at it for deep dip buy opportunities.
I don't do advice.
Back at all time highs, again... If the put options on this weren't so high for leaps I would throw my ENTIRE port in them and just retire a year later, haha! Time for this garbage to come down in the weeks to come. SHORT AT WILL!
Played this before, price target 1.7k and we'll see where we at from there. Thinking we hit it in about a month and half at max.
#AZO Breakout 🚀 in 1h Chart on above average volume
All Entry Criteria have been met:
1. Price above 10, 20 & 50 EMA ✅
2. Consolidation Phase in Uptrend ✅
3. Breakout on above average Volume✅
Decent risk reward to first PT. Trend is now technically down on weekly. I was conservative with the first PT. I actually think it's likely to test significantly lower.
