A Commanding Reversal and Target Update for AutoZone AZO

Nov 29, 2017: 1:45 PM CST

If you enjoy trading trend reversals and surprise bullish rallies (and breakouts), AutoZone (AZO) is the stock for you!

Here’s the V-Spike Reversal from Down to Up and the New Levels to Watch:

AutoZone (AZO) stalled with a Distribution Pattern near $725 with a breakdown (breakout) and Trend Reversal DOWN in April 2017.

From there, price collapsed from the $700 level toward the $500 Round Number pivot.

Rather than build a “Rounded Reversal” or Accumulation Pattern, buyers intervened to create a V-Spike Reversal that catapulted share prices through $600 and now $700.

We’re watching confluence target – now achieved – at the $700 price level.

Use this as your Bull/Bear pivot for short-term trading strategies.

Price initially stalled into the 38.2% Fibonacci Retracement just above $600 and when buyers took price above this pivot, a rapid rush of buying (and short-covering/short-squeeze) sent price speeding toward our current target.

Study this pattern to pinpoint similar/future reversal patterns like this event.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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