AutoZone Inc Stock Forecast
Green day on Wednesday for AutoZone Inc
(Updated on Apr 24, 2024)
The AutoZone Inc stock price gained 0.93% on the last trading day (Wednesday, 24th Apr 2024), rising from $2,961.04 to $2,988.51. During the last trading day the stock fluctuated 1.70% from a day low at $2,944.06 to a day high of $2,994.26. The price has been going up and down for this period, and there has been a -1.23% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 17 thousand more shares were traded than the day before. In total, 102 thousand shares were bought and sold for approximately $303.63 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2,944.51 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.08% during the next 3 months and, with a 90% probability hold a price between $3,300.35 and $3,775.22 at the end of this 3-month period.
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AZO Signals & Forecast
There are mixed signals in the stock today. The AutoZone Inc stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $3,079.18. On a fall, the stock will find some support from the short-term average at $2,959.78. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -7.74%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for AutoZone Inc stock
AutoZone Inc finds support from accumulated volume at $2,954.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $50.20 between high and low, or 1.70%. For the last week, the stock has had daily average volatility of 1.46%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AZO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect AutoZone Inc to open at $2,975.61, and during the day (based on 14 day Average True Range), to move between $2,936.52 and $3,040.50, which gives a possible trading interval of +/-$51.99 (+/-1.74%) up or down from last closing price. If AutoZone Inc takes out the full calculated possible swing range there will be an estimated 3.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3,011.62 (0.77%) than the support at $2,954.99 (1.12%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is AutoZone Inc stock A Buy?
AutoZone Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.551 Sell Candidate Unchanged
Predicted Opening Price for AutoZone Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $2,975.61 ( 0.432%) | $2,988.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AZO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,025.80 | 1.25 % | |
| R2 | 3,006.63 | 0.606 % | ||
| R1 | 2,994.78 | 0.210 % | ||
| Current price: | 2,988.51 | |||
| Support | S1 | 2,956.43 | -1.07 % | |
| S2 | 2,944.59 | -1.47 % | ||
| S3 | 2,925.41 | -2.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,187.38 | 6.65 % | |
| R2 | 3,043.62 | 1.84 % | ||
| R1 | 3,011.62 | 0.773 % | ||
| Current price | 2,988.51 | |||
| Support | S1 | 2,954.99 | -1.12% | |
| S2 | 2,731.66 | -8.59% | ||
| S3 | 2,680.00 | -10.32% |
FAQ
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