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After Yesterday's Rally of 1.71% Shares Could Potentially Pullback
Jan 15, 2013 (SmarTrend(R) News Watch via COMTEX) --
AutoZone (NYSE:AZO) traded in a range yesterday that spanned from a low of $342.27 to a high of $352.79. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $352.16 on volume of 565,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of AutoZone have traded between a low of $341.98 and a high of $399.10 and are now at $351.39, which is 3% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.
SmarTrend recommended that its subscribers protect gains by selling shares of AutoZone on December 5th, 2012 by issuing a Downtrend alert when the shares were trading at $362.51. Since that call, shares of AutoZone have fallen 4.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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