AZO closes below its opening price unable to hold early session gains

AutoZone Inc (AZO) Technical Analysis Report for Apr 16, 2018

Highlights

AZO closes below its opening price unable to hold early session gains
AZO unable to break through key resistance level
AZO closes lower for the 2nd day in a row
AZO ends the day on a bearish note closing near the low of the day
AZO finds buyers again around 602.77

TQ Sentiment

Report Sentiment: 42% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, AZO ended Monday at 604.36 losing $2.47 (-0.41%). Today's closing price of 604.36 marks the lowest close since November 13, 2017. Trading $3.60 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for AZO

Volatility

Monday's trading range was $10.78 (1.77%), that's slightly below last trading month's daily average range of $14.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 613.31, AutoZone Inc closed below it after spiking as high as 613.55 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 603.98 in the previous session, the market found buyers again around the same price level today at 602.77.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for AutoZone Inc

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