AutoZone Inc Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
AutoZone Inc stock price up 0.0248% on Friday
(Updated on Apr 26, 2024)
The AutoZone Inc stock price gained 0.0248% on the last trading day (Friday, 26th Apr 2024), rising from $2,945.25 to $2,945.98. During the last trading day the stock fluctuated 1.00% from a day low at $2,933.50 to a day high of $2,962.74. The price has risen in 6 of the last 10 days but is still down by -0.55% for this period. Volume fell on the last day by -105 thousand shares and in total, 90 thousand shares were bought and sold for approximately $266.39 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $2,939.76 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 10.56% during the next 3 months and, with a 90% probability hold a price between $3,250.29 and $3,719.02 at the end of this 3-month period.
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AZO Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The AutoZone Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2,965.88 and $3,069.56. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 22, 2024, and so far it has fallen -9.06%. 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).
Support, Risk & Stop-loss for AutoZone Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $2,762.13 and $2,731.66. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, AutoZone Inc finds support just below today's level at $2,762.13. If this is broken, then the next support from accumulated volume will be at $2,731.66 and $2,680.00.
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 $29.24 between high and low, or 1.00%. For the last week, the stock has had daily average volatility of 1.82%.
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 Monday 29th
For the upcoming trading day on Monday, 29th we expect AutoZone Inc to open at $2,947.41, and during the day (based on 14 day Average True Range), to move between $2,889.87 and $3,002.09, which gives a possible trading interval of +/-$56.11 (+/-1.90%) up or down from last closing price. If AutoZone Inc takes out the full calculated possible swing range there will be an estimated 3.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2,954.99 (0.31%) than the support at $2,762.13 (6.24%), 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?
The AutoZone Inc stock holds several negative signals and despite the positive trend, we believe AutoZone Inc will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.008 Sell Candidate Unchanged
Predicted Opening Price for AutoZone Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $2,947.41 ( 0.0484%) | $2,945.98 |
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 | 2,976.65 | 1.04 % | |
| R2 | 2,965.48 | 0.662 % | ||
| R1 | 2,958.58 | 0.428 % | ||
| Current price: | 2,945.98 | |||
| Support | S1 | 2,936.24 | -0.331 % | |
| S2 | 2,929.34 | -0.565 % | ||
| S3 | 2,918.17 | -0.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,187.38 | 8.19 % | |
| R2 | 3,011.62 | 2.23 % | ||
| R1 | 2,954.99 | 0.306 % | ||
| Current price | 2,945.98 | |||
| Support | S1 | 2,762.13 | -6.24% | |
| S2 | 2,731.66 | -7.27% | ||
| S3 | 2,680.00 | -9.03% |
FAQ
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