Today’s instrument is the AutoZone Inc. stock traded in the NYSE exchange under the ticker AZO.
If we look at the AZO chart, we can see it was trading in a channel until the 3rd of December where it bounced from the $1810 support level after its weak closing on the previous day. Since then it managed to climb and breakout from its overhead resistance of $1860, reaching as high as $1900 but retracting and basing above the resistance of $1860, no turned support. Its last traded price, today at premarket, was $1880.
AutoZone Inc. has scheduled a third-quarter earnings announcement today 07/12/2021. If earning expectations are surpassed, we could expect the price to move upwards, towards the $1930 price range.
Today we could expect a move upwards near the resistance of $1900 possibly further towards $1910.
If however, it doesn’t manage to hold above the current price range then a case can be made for moving below the $1860 support level.
(Click on image to enlarge)
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