AutoZone has been on a very strong bullish move since the financial crisis in 2008. From a low of $90 to $320+ in 3 years.
Surely, at some point the bull will be exhausted.
Geely break its support way back in Nov/Dec 2010. And ultimately, break down from the kumo support from 3.60
Since then, the sharp drop has slowly disappear and the price has slowly consolidated around 2.80
Current support from the Ichimoku chart shows $2.78 as identified by the Chikou Span.
Second support is around $2.55 that came from the price action way back in September 2010.
The Tenkan sen and Kijun sen seems to be flattening which adds further to the possibility that the price is consolidating.
Immediate resistance is around $3.10 as shown by the kumo. However, the kumo is not thick.
A strong basing off this level will easily allow Geely to go above $3.10
Likewise, if the consolidation at this level leads to another round of sharp fall in price spells problem.
An interesting move for Ford today.
The general market is down while it gaps up and break through resistance at around 12.56
The price is above the kumo and we can also see that the leading kumo is twisting (another sign that its uptrend is going up and intact)
It’s next resistance is around 13.25; after which we can expect a run up to the $14s.