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.
– 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