Trading Ichimoku » Automotive

AutoZone Inc ($AZO) : Triple top. Time for a turn?

iam802 — Thu, 03 Nov 2011 03:24:39 +0000

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.

Currently, the chart is still showing that AZO is in bullish territory. The drop from the last 2 days did not cause a gap down in AutoZone.

However, we can see a triple top developing. And this could be a turning point for AutoZone.

Immediate support is around $320. A drop below $300 by December will confirm the bull run has ended and it may be a sharp fall given that it has run up to $300+ mark in a very short timeframe.

Notes:
- trading volume for AZO is fairly low; averaging 400k
- there’s quite a fair amount of insider selling over the last 3 days; primarily from Edward Lampert

Geely Automobile (0175): Possible price consolidation

iam802 — Thu, 09 Jun 2011 08:46:14 +0000

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.

Ford (F) : Breaks resistance with kumo twist

iam802 — Mon, 04 Oct 2010 15:21:02 +0000

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.

Avis Budget Group Inc (CAR) : Swing Play

iam802 — Wed, 04 Nov 2009 10:48:33 +0000

Avis (CAR) beat analyst estimates by 10 cents and this news setup a pretty good swing trade it.
From the Weekly chart, we can see that thick kumo support is around $8.

On the Daily Chart, price action is below kumo with no bullish play at the moment.

What could happen moving forward? Given that CAR beats analyst estimates, there should be some upgrades coming forward and that will help push the price up. We may have a bullish play moving forward.

At the same time, if we look back at the Weekly chart, the leading kumo starts to thin out and this suggest weaker support in times to come (even if it is a bullish play on the Daily)

Harley Davidson (HOG) : Bearish Swing Trade

iam802 — Thu, 08 Oct 2009 03:16:22 +0000

Harley Davidson (HOG) has a few indications that it is now in Bearish.

1. On Ichimoku Weekly Chart, we can see that it is now trading inside the kumo which represents a trendless state.

2. On the Daily Chart, we can see that Chikou Span has cut the price level and rebound off the support at 21.05

3. This is further support by the Tenkan sen cutting the Kijun sen dowwards ( a bearish sign)

4. The leading kumo is also starting to twist; an indication of a change in trend.

5. From the Chaikin Money Flow indicator, we can see that the accumulation is dropping. Will there be a distribution coming soon? Hard to say. But, with the indicator trending lower, the chance of the price level going much higher is limited.

6. Possible swing trade. Entry around 23.03 or 24.41. Look for candles pattern.